Final China HSBC PMI dips to 6-month low in January as new orders weaken
BEIJING (REUTERS) - Business conditions for China's manufacturers worsened in January as output and new order growth weakened, a private survey showed on Thursday, pointing to a weak start for the economy in 2014.
The Markit/HSBC final manufacturing PMI for January dipped to 49.5 from December's 50.5, the first deterioration in six months. The figure was in line with the 49.6 reported in the preliminary version of the PMI released a week earlier.
A reading below 50 indicates a contraction while one above shows expansion.
The survey, an early indication of sentiment in the 56.9 trillion yuan (S$12 trillion) economy, found growth rates in output and new business weakening, while companies cut jobs at the fastest rate since March 2009.