- expected was 48.1,
- prior (February) was 48.5,
- flash reading for March was 48.1 (a disappointing result, expectations were for 48.7)
We had the official manufacturing PMI earlier today
–
- Sharpest fall in output since November 2011
- Third consecutive fall for the PMI
- Output and new orders contracted at faster rates
- New export orders did return to growth
- Input costs and output charges both fell sharply
Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
“The final reading of the HSBC China Manufacturing PMI in March confirmed the weakness of domestic demand conditions. This implies that 1Q GDP growth is likely to have fallen below the annual growth target of 7.5%. We expect Beijing to fine-tune policy sooner rather than later to stabilise growth.”
