China's official Manufacturing PMI at the lowest level since August 2012

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Tuesday, Dec 01 2015

China’s manufacturing conditions slipped to the weakest level in more than three years as sluggishness in the nation’s old growth drivers add to risks facing the government’s growth target.

The official purchasing managers index fell to 49.6 in November, the National Bureau of Statistics said Tuesday -- the lowest level since August 2012. That compared with a median estimate of 49.8 which was also the level for September and October. The non-manufacturing PMI rose to 53.6 from 53.1 a month earlier.

Readings of output, new orders, inventories and employment all weakened from October, the official manufacturing PMI report showed. Input prices for raw materials slumped to the lowest point this year, according to an NBS statement.

Another manufacturing PMI released by Caixin Media and Markit Economics edged up to 48.6 in November, exceeding the median estimate of 48.3. The gauge has a smaller sample size and includes smaller companies and exporters.

Aussie is currently being traded around 0.7260 area. Pair is likely to find support around 0.72 handle and resistance above 0.7280 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « Australian Building Approvals surprisingly rose in October RBA kept interest rates unchanged »

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