CHINA FLASH PMI DROPS TO 50.5 IN APRIL

Flash China Manufacturing PMI™ at 50.5 (51.6 in March). Two-month low.
Flash China Manufacturing Output Index at 51.1 (53.0 in March). Two-month low.

China flash PMI table April 2013 - HSBCThe HSBC Flash China Manufacturing PMI came in at a two-month low, but still managed to expand modestly in April, albeit at a much slower pace. However, new export orders contracted after a temporary rebound in March, suggesting external demand for China’s exporters remains weak. Weaker overall demand has also started to weigh on employment in the manufacturing sector.

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Nomura’s Zhiwei Zhang points out that in the context of previous April results, it’s especially poor:

In the past seven years, the PMI in April has risen five times, fallen once and been flat once – on average, it rose by 1.2 percentage points (pp) from March to April. Excluding 2009 (an abnormal year when the RMB4trn fiscal stimulus pushed it up quickly), it rose by 0.5pp.

 
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