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Weak world, domestic demand depress PMI

By Chen Jia (China Daily)

09:48, November 24, 2011

Index in biggest fall since March 2009, a signal of gloomy outlook

BEIJING - Weaker domestic and foreign demand is chilling the outlook for China's manufacturing sector, which is expected to slow to a 32-month low in November, as indicated by the preliminary HSBC Purchasing Managers' Index (PMI) released on Wednesday.

The PMI dropped to 48 from 51 in October, the sharpest fall since March 2009, indicating gloomy prospects for the world's second-largest economy, said HSBC Holding PLC.

The index is a prediction of activity in the manufacturing sector, published a week ahead of the monthly official data.

A reading below 50 signals contraction, while a number above 50 means expansion.
Qu Hongbin, HSBC chief economist in China, said in a research note that external demand is set to weaken as the contagion of Europe's debt crisis infects more continents.

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