SURVEYS GIVE MIXED PICTURE OF CHINESE MANUFACTURING
Elaine Kurtenbach, AP
The China Post, May 3, 2012
SHANGHAI -- Manufacturing surveys released this week provided mixed signals over the state of China's economy.
A survey released Wednesday showed manufacturing contracted in April for the sixth straight month, though the rate of deterioration had slowed.
Adjusted for seasonal conditions, HSBC's Purchasing Managers' Index, or PMI, for April was 49.3, up from 48.3 in April. The index has remained below 50 — the level indicating expansion, since October.
Companies also reduced jobs, at the sharpest rate in 37 months, HSBC said.
A day earlier, the state-affiliated China Federation of Logistics and Purchasing said its PMI, rose 0.2 percentage points to 53.3 percent in April, up from March's 53.1 and February's 51 — the fifth straight month of expansion.
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