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China manufacturing steady [ClearOnMoney]
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China manufacturing steady

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Commentary

China manufacturing steady

1 Jan 2012 by Jim Fickett.

In the last couple days both the China Federation of Logistics and Purchasing (government-associated) and HSBC (private sector) have reported their purchasing managers index for December. The CFLP number indicates growth, while the HSBC number indicates shrinkage. The difference is in line with long term trends, where the average government reading is quite a bit more optimistic than the average HSBC reading (see dashed lines in the graph). Given the amount of noise in both series, the best summary is that manufacturing is roughly stable.

The trend is hard to call. Both indices moved up a little in December. This is probably a real change, given the government's clear desire to ease monetary policy recently, but it could be noise, and we will need confirmation to know that we are really moving back to growth mode.

(See the Reference page China PMI for sources and background.)