none

Chinese manufacturing still on the decline

31-08-2010
by 
in 
Chinese manufacturing still on the decline

 

The Chinese manufacturing industry contracted for the eighth straight month in June, following a heavy decline in new orders, according to a private survey.

The HSBC Purchasing Managers' Index showed the Chinese manufacturing sector shrank 0.2 points in June to 48.2, little changed from a preliminary estimate of 48.1.

The pace of contraction is the fastest recorded ion seven months, according to the study.

HSBC said the result was indicative of a modest pace of deterioration in business conditions. Any reading below 50 indicates contraction.

"For the second quarter as a whole, the index averaged its lowest quarterly value since the first quarter of 2009," the study said.

A fall in demand weighed heavily on operating conditions, according to the study, with total and foreign new orders falling at an accelerated rate.

"New export orders placed at goods producers dropped at the steepest rate in over three years," HSBC said.

"North America and Europe were both cited as sources of new order book weakness."

The month-on-month fall recorded in overall new orders was the strongest yet in 2012.

"The drop in total new orders led to a further decline in manufacturing output, extending the current period of contraction to four months," the study said.

"However, the rate of decline in factory output remained marginal."

The study comes after official figures showed growth in Chinese manufacturing fell to a seven-month low in June, despite government efforts to arrest a slowdown.

Related news & editorials

  1. 27.10.2021
    27.10.2021
    by      In
    ‘Buy Australian Now’, the latest campaign from Australian Made is urging all Aussies to support local jobs and economic recovery by backing our local makers and growers as the country begins to open up and prepare for the festive season.
    According to Australian Made Chief Executive, Ben Lazzaro,... Read More
  2. 26.10.2021
    26.10.2021
    by      In
    Work, health and safety are fundamental to our lives and are, more than ever, a central focus for organisations.
    The Hunter region in NSW is well-known for leading the way in industry, this in turn has led to the region becoming champions of WHS.
    The Hunter Safety Award were born out of desire to... Read More
  3. 19.10.2021
    19.10.2021
    by      In
    There is no doubt that the recent AUKUS agreement between Australia, USA and the UK was a surprise to just about everyone on the planet!
    Taking a closer look into the government’s decision to commit to the AUKUS alliance, much of what has been reported by mainstream media has been inaccurate or... Read More
  4. 18.10.2021
    18.10.2021
    by      In
    Australian Resources and Energy Group AMMA welcomes today’s intervention of the Australian Government seeking to put an end to three months of damaging strikes at Fremantle Port.
    It has been reported the Australian Government has stepped in, utilising its powers under the Fair Work Act to seek an... Read More
Products
Suppliers