BUSINESS China's manufacturing PMI edges up in January

BUSINESS

China's manufacturing PMI edges up in January

Xinhua

10:05, January 31, 2019

BEIJING, Jan. 31 (Xinhua) -- The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.5 this month, slightly up from 49.4 in December, the National Bureau of Statistics (NBS) said Thursday.

(Photo: CGTN)

A reading above 50 indicates expansion, while a reading below reflects contraction.

The slight increase ended month-on-month declines reported in the previous four months in a row, NBS senior statistician Zhao Qinghe said in a statement.

The sub-indices for production and raw material inventories both edged up from December, while those for new orders, employment, and supplier delivery time dropped to different extents.

This month, the non-manufacturing PMI rose 0.9 points from December to 54.7, and the composite PMI output index rose 0.6 points to 53.2, the NBS data showed.

Meanwhile, China's non-manufacturing sector picked up the pace in January. The non-manufacturing Purchasing Managers' Index rose to 54.7 in January from 53.8 in December, well above the 50-point mark that separates growth from contraction.

The NBS said that the upcoming Spring Festival drove the expansion of related industries such as gross sales, transport and tourism.

The fast-growing services sector accounts for more than half of China's economy and has helped buffer the impact of slowing manufacturing.

NBS data aslo showed the the composite PMI, which covers both manufacturing and services activities, ticked up to 53.2 in January, from December's 52.6.

(With imput from CGTN)

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