RTTNews - The Chinese Purchasing Managers' Index for the manufacturing sector rose to a twelve-month high of 52.8 in July from 51.8 in June, a monthly survey from the CLSA Asia-Pacific Markets and Markit Economics showed Monday. A reading above 50 indicates expansion in the manufacturing sector.
The indicator suggested that manufacturing output improved for the fourth consecutive month, expanding at the most marked rate since May 2008.
Eric Fishwick, Head of Economic Research at CLSA said, Manufacturing activity continues to accelerate and, importantly, orders growth is being driven by the domestic economy. Despite rising for a second successive month, external demand remained lackluster in July.
The survey found that capacity pressures continued to build in July. To meet rising new and outstanding business volumes, manufacturers recruited more workers. At the same time, price pressures strengthened significantly in July with improved demand conditions.
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