HSBC: Manufacturing Sector in China Improves, in India It Slows Down
Business conditions in Chinese manufacturing sector saw further improvement in January from their levels in December, according to the monthly survey by HSBC. The so-called “flash” manufacturing Purchasing Managers’ Index (PMI) for January climbed to a 24-month high of 51.9, rising from a final reading of 51.5 in December and 50.5 in November, reports Market Watch.
In India, the growth of country’s manufacturing sector slowed to a three month low in January, primarily due to moderation in new orders and power outages during the month, said HSBC survey. The HSBC India Manufacturing Purchasing Managers’ Index (PMI) – a measure of factory production -stood at 53.2 in January, after hitting a six month high level of 54.7 in December. It stood at 53.7 in November.The index, however, remained above the 50 mark level’ below which it indicates contraction, according to The Indian Express.