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  1. David Ristau
    August 2nd, 2010 at 10:19 am

    Yip –

    Here is why the PMI was positive…I don’t make up the interpretations for the record…I just play off them:

    Today’s PMI was the lowest since China’s manufacturing stopped contracting in March 2009. An output index fell to 52.7 from 55.8 in June. A measure of new orders slid to 50.9 from 52.1. An export-order index fell for a third month, dropping to 51.2 from 51.7.

    Of 11 sub-indexes, only the measure of employment gained, climbing to 52.2 from 50.6.

    At Morgan Stanley, economist Wang Qing said the slowdown seemed concentrated in heavy industry, partly reflecting a government campaign to close inefficient businesses to meet energy-saving goals. This “does not necessarily reflect weakening in the underlying economic fundamentals,” he said.

    The PMI, released by the logistics federation and the Beijing-based National Bureau of Statistics, covers more than 730 companies in 20 industries, including energy, metallurgy, textiles, automobiles and electronics. 



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