Purchasing Managers’ Index
Embargoed until: 10:30 (BEIJING), 23 June 2011
HSBC Flash China Manufacturing PMI
Chinese manufacturing sector close to stagnation in June
Flash China Manufacturing PMI™ at 50.1(51.6 in May). 11-month low.
Flash China Manufacturing Output Index at50.0 (51.6 in May). 11-month low.
Data collected 13–21 June.
The HSBC Flash China Manufacturing
Purchasing Managers’ Index™ (PMI™)
is published on a monthlybasis approximately one week before final PMI dataare released, making the HSBC PMI the earliestavailable indicator of manufacturing sector operatingconditions in China. The estimate is typically based onapproximately 85%–90% of total PMI surveyresponses each month and is designed to provide anaccurate indication of the final PMI data.
China Flash Manufacturing PMI Summary
50.0 = no change on previous month (seasonally adjusted)
MI Expansion, slower rateOutput
New OrdersNew Export Orders
Backlogs of WorkOutput Prices
Stocks of PurchasesStocks of Finished Goods
Quantity of PurchasesSuppliers’ Delivery TimesNo changeExpansion, slower rateContraction, faster rateContraction, change of directionExpansion, slower rateInflation, slower rateInflation, slower rateContraction, slower rateContraction, faster rateExpansion, slower rateLengthening, slower rate
Commenting on the Flash China Manufacturing PMIsurvey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
“Demand is cooling thanks to the effect of tightening measures and the slackness in external markets. This, plus the ongoing inventory destocking, has led to a slowdown in output growth.But hard-landing worries are unwarranted not least because the current PMI is at a level consistent witharound 13% IP growth. The good news is that inflationary pressures started to ease meaningfully in June amid slowing demand.”
2008 2009 2010102030405060708090
Output Charges/Input Prices
Output ChargesInput Prices
New OrdersNew Export Business
50 = no change on previous month
Purchasing Managers' Index (PMI)
Employment/Backlogs of Work
EmploymentBacklogs of Work