November Begins: Global Economy Is Heading For ‘Great Stagnation’, Crucial PMI Numbers Signal Continued Contraction In Output With Rising Costs.
October 31st, 2012
China HSBC PMI 49.5, Exp. 49.1, 8 month high. Last 47.9. Notes “Input costs and output charges increase”
The unofficial HSBC China manufacturing PMI just came out.
The October reading climbed to 49.5 from 47.9 in September.
This final number was notably stronge than the HSBC China Flash (or preliminary) number, which came in at 49.1 last week.
Here are the key points from Markit:
Modest fall in output signalled
New orders rise for the first time in a year
Input costs and output charges increase
Australia’s Economic Problems Continue
Australia’s manufacturing PMI climbed marginally to 45.2 in October from 44.1 in September.
Any reading below 50 signals contraction in the industry.
“The contraction in manufacturing new orders also extended into an eighth month, reflecting weak global demand and a soft Australian economy,” wrote the Australian Industry Group. “After falling significantly in September, the new orders sub-index dropped a further 0.4 points to 43.9 in October.” .