HSBC's China PMI down at 3-month low

[BEIJING] Growth in activity in China's vast factory sector slowed to a three-month low this month as reduced output offset a pick-up in new orders, a preliminary private survey showed yesterday, in line with other recent data pointing to a resilient but slowing economy.

The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to 50.5 from last month's final reading of 50.8, but for a fifth consecutive month remained above the 50 line which separates expansion of activity from contraction.

Given the approaching year-end holiday season, the flash PMI covers only the short period from Dec 5 to 12. The final PMI will be released on Jan 2. Growth in both new orders and export orders grew at a faster rate in the period surveyed, while sub-indexes measuring employment and stocks of purchases showed faster rates of decrease.