According to the PMI data released yesterday by China Federation of Logistics and Purchase, Chinese manufacturing Purchasing Managers Index (PMI) in January was 45.3 percent, showing a rise for the second consecutive month since setting a record low in November of last year.
The manufacturing PMI index, if higher than 50 percent reflects overall expansion of the economy, while a PMI index less than 50 percent reflects an economic recession.
Experts believe that the January PMI index shows that China's economy has gradually picked itself up from the bottoms and is expected to witness a rebound in the first quarter. Due to the Spring Festival, these changes could not be identified until the publication of economic indicators of January.
Compared with the previous month, among 12 indexes, only inventory index of finished goods and employ index fell, while all other indexes significantly increased by as much as 3 percent. Among them, production index, new order index, procurement index, import index and purchase price index rose by than 6 percent.
It is worth noting that employment opportunities are still shrinking, so employment pressure has not been reduced. January Practitioner Index was 43.0 percent, a slight decrease of 0.3 percentage points from the previous month. This employment index has declined for five consecutive months since last September.
Since the beginning of 2009, the global manufacturing scenario continues to be overcast and while China's production data is better than other countries, the manufacturing PMI index still remains at a lower level.
Fibre2fashion News Desk - China
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