China manufacturing contraction eases: HSBC
BEIJING (AFP) - China's manufacturing activity contracted in October but at a slower pace than in previous months, HSBC said yesterday, a sign the slowdown in the world's number two economy is bottoming out.
The preliminary purchasing mangers' index (PMI) released by the British banking giant hit 49.1 this month, up from 47.9 in September. A reading above 50 indicates growth in the key sector, while one below signals contraction.
While the figure marks the 12th straight month of contraction, it is also the second consecutive month of improvement. The index tracks manufacturing activity and is a closely watched barometer of the health of the economy.
The official PMI figure came in at 49.8 for September, a second straight contraction.