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  1. stjeanluc
    June 3rd, 2013 at 8:56 am

    Conflicting numbers from China:

    http://qz.com/90169/a-tale-of-two-pmis-shows-chinas-growth-conundrum/

    HSBC/Markit’s revised Purchasing Managers’ Index (pdf) fell in May to 49.2, down from 50.4 in April and lower than analyst expectations of 49.6. (A figure below 50 indicates the sector is shrinking.) By contrast China’s official PMI for the month was 50.8, up from 50.6 in April, which was better than expected. The difference is telling: The official figure includes more the giant state-owned enterprises, while HSBC polls smaller, independent firms.

    Where details differ, the message does not: China’s economy has lost crucial momentum. Hongbin Qu, HSBC’s chief China economist, said the government needs to boost domestic demand to avoid a further drop in manufacturing activity in the coming months.



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