Shanghai, China (4E) – The official China manufacturing Purchasing Managers Index (PMI) grew in a slower-than-expected pace in September, according to the National Bureau of Statistics and China Federation of Logistics and Purchasing, as concerns persist regarding the sustainability of the economic rebound after two quarters of slowdown.
The PMI was at 51.1, according to the survey released Tuesday in Beijing. The figure compares with the 51 reading in August and economists’ median estimate of 51.6 in a survey by Bloomberg News. Estimates by 30 economists for Tuesday’s PMI result ranged from 51 to 52.2.
Tuesday’s report came after the previous day’s release of the HSBC Holdings Plc and Markit Economics final manufacturing gauge for September that was slower compared with the preliminary “flash” reading.
A PMI mark above 50 shows expanding manufacturing activity from the previous month and a reading below means contraction.
The statement also showed that the new-orders subindex increased to 52.8 from 52.4, and the new-export-orders subindex rose to 50.7 from 50.2. However, the business-expectations index fell to 58.4 from 59.4, the report said.
The third-quarter gross domestic product result is set to be released by the statistics bureau on Oct. 18. The economy is expected to grow 7.7 percent from the previous year, according to a survey, an increase from the 7.5 percent pace in the second quarter.