China Sept HSBC PMI hits 6-month high of 51.2, adds to economic momentum
BEIJING (REUTERS) - Growth in China's factory sector accelerated to a six-month high in September, a preliminary survey showed on Monday, as stronger domestic and foreign demand added to recent signs of a tentative turnaround in the world's second-largest economy.
The flash HSBC Purchasing Managers' Index (PMI) climbed to 51.2 this month from August's 50.1, hitting a high not seen since March. A breakdown of the data showed 10 of 11 sub-indices rose in September.
The flash PMI gives the earliest reading of China's monthly economic performance, and should cheer investors worried about a sharp economic slowdown after a previous rebound in activity proved short-lived.
Notably, new export orders jumped to a ten-month peak of 50.8, up sharply from August's 47.2. It was the first time in six months that exports - an Achilles' heel in China's economy - had shown growth in the PMI.