facebook
twitter
rss
account
search
search
 

China's PMI shows slower growth

May 23, 2011 at 12:11 PM   |   Comments

BEI, China, May 23 (UPI) -- A "flash" estimate shows manufacturing activity in China slowed for the second consecutive month, financial research firm Markit said Monday.

The HSBC Flash China Manufacturing Purchasing Managers Index dropped from 51.8 in April to 51.1 in May, Markit said.

A flash estimate is based on data collected from 85 percent to 90 percent of results of a survey.

"Manufacturers continue to reduce inventories amidst slowing new business flows, leading to slower production growth at a 10-month low," said Hongbin Qu, HSBC chief economist.

"That said, we think there is no need to worry about a hard landing because the current level of the PMI is still consistent with around ... 9 percent gross domestic product growth," the economist said.

"Policy focus is still tilted toward taming inflation. We expect Beijing's tightening policy will continue in the coming months," he said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Lockheed Martin, Roketsan collaborate on F-35 cruise missile Lockheed Martin, Roketsan collaborate on F-35 cruise missile
2
GenDyn UK picks Lockheed Martin for vehicle turrets GenDyn UK picks Lockheed Martin for vehicle turrets
3
Thailand orders more aircraft from Airbus Helicopters Thailand orders more aircraft from Airbus Helicopters
4
Sandia National Labs develops zoom military rifle scope Sandia National Labs develops zoom military rifle scope
5
Continental Resources declares win in Oklahoma basin Continental Resources declares win in Oklahoma basin
Trending News
Around the Web
x
Feedback