Chinese PMI rose to 52.9 from 51.9 in August according to HSBC. They summarized the report as follows:
- New export business rose for the first time in four months.
- Marginal increase in manufacturing employment.
- Input price inflation accelerated markedly.
Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said the following:
“The upbeat reading of the HSBC China Manufacturing PMI (Sep) implies that China’s growth slowdown is slowing. A pick up in new orders means that domestic demand is still strong. Despite uncertainties on growth in global demand, we expect China to rely on continued investment in ongoing infrastructure projects and resilient consumption to grow by around 9% in the rest of the year and 2011.”