PMI lowest drops to lowest since August
The December manufacturing Purchasing Managers’ Index retreated to 51 from 51.4 in November, the lowest level since August, indicating weaker economic growth momentum amid moderate external demand and entrepreneurs’ cautious expectations.
New export orders for manufacturing products showed a contraction for the first time in five months, according to a PMI sub-index of 49.8 in December, compared with 50.6 in November.
For the indexes, any reading above 50 means an improving situation from a month earlier, but a figure below 50 means deterioration.
Zhao Qinghe, an economist from the statistics bureau, said the weaker momentum indicated by December’s PMI is mainly due to seasonal factors. (Photo 4)