HUGE MISS: CHINA’S HSBC PMI FALLS TO LOWEST LEVEL SINCE MARCH 2009

China’s HSBC’s manufacturing PMI fell to 47.6 in August.  This is down from 49.2 in July.

The number is also lower than the Flash (i.e. preliminary) August PMI number of 47.8, which SocGen’s Wei Yao described as “plainly awful.”

“Manufacturing sector operating conditions worsened at the sharpest rate in 41 months,” wrote Markit analysts.

Here are the key points from Markit:

• Renewed decline in factory output signalled
• New export orders fall to greatest extent since March
  2009
• Average input costs down at steepest rate in 41 months

Read more: http://www.businessinsider.com/china-hsbc-pmi-2012-9#ixzz25N3PdlOP

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