Survey: Chinese manufacturing expanded at faster pace in SeptemberBy AP
Thursday, September 30, 2010
China manufacturing gathers momentum in September
BEIJING — Growth in Chinese manufacturing picked up pace in September, a survey showed Friday, adding to evidence that China’s economic recovery remains on track.
The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose to 53.8 in September from 51.7 in August. Numbers above 50 show manufacturing activity expanding.
The index, an indicator of future manufacturing trends, has remained above 50 for 19 straight months after slowing in late 2008 and early 2009. September’s index was the highest since it hit 53.9 in May.
China’s growth cooled in the second quarter to 10.3 percent from 11.9 percent in the first quarter and is expected to drift lower. Some forecasters have cut their growth outlook for this year, though they say China easily can meet the government’s target of 8 percent.
On Wednesday a competing index, the HSBC China Manufacturing PMI — a seasonally adjusted index designed to measure the performance of the manufacturing economy — rose in September to 52.9 from 51.9 in August. Numbers above 50 show manufacturing activity expanding.
The China Federation’s survey showed that nine of 11 areas rose in September compared with the previous month, including production and new orders. New export orders climbed marginally to 52.8 from 52.2, showing steady external demand.
The two areas that fell below the expansionary mark of 50 were stocks of purchases and stocks of finished goods.
The subindex for input prices rose, which could show inflationary pressures. The China Federation said price increases were strong for food products.