Posted on 02/09/2009 10:11:55 AM PST by ProfessorOfTruth
Improved manufacturing data from China on Wednesday suggested its downturn may be bottoming out, but plunging U.S. auto sales underscored the depth of the recession in the world's biggest economy.
China's official purchasing managers' index (PMI) for January rose to 45.3, up from 41.2 in December and a record low of 38.8 plumbed in November.
The January PMI data at least provide further support to our view that GDP growth should be stronger in Q1 2009 than in Q4 2008," said Mingchun Sun, an economist with Nomura in Hong Kong, in a note.
"China's GDP growth will be V-shaped in 2009, with the bottom already being reached in Q4 2008." said Mingchun Sun, an economist with Nomura in Hong Kong, in a note.
Hopes for a recovery in China helped lift Asian stocks between 1 and 3 percent. Shares in trade-sensitive shipping firms rose strongly after the Baltic Dry freight index, which measures the cost of transporting raw materials such as metals and grains by sea, posted its 11th straight day of gains.
(Excerpt) Read more at news.yahoo.com ...
Does anyone believe China’s data?
If this is true, they did it the way we should have.
Crock. Their biggest export markets are in recession, they have a people flight from the cities to the inland, they are short on food, the biggest deal going is the infrastructure plan that was part of the 2005-2010 five year plan.
Oh yeah, they never report the truth. If they did now, they would risk a capital flight.
Glad to see they (the Chinese) finally figured out the whole concept and inner-workings of a "sucker-pump" rally.
A Brave New World I tell ya!
China’s data lacks integrity.
People can believe whatever they want to believe, the truth wont change anyway.
Doubt it. This from a government whose ideology depends on “good news” propaganda.
And I’m not talking about the Hussein administration. (still waiting for my unicorn as promosed by ZerO)
Last winter China get the worst snowstorm for centuries for their entire Southern region, followed by the hardest earth quake for Sichuan, one of their main source of agriculture revenue.
Yet the revenue for their agriculture sector still manage to end up with another recorded-high for the entire 2008.
So I think with the size of China, they are simply too big to get hitted, so no panic is needed here.
Bullcrap.
CORRECT: China’s PMI deteriorates in January for sixth month
By Chris Oliver
Last update: 4:44 a.m. EST Feb. 2, 2009
HONG KONG (MarketWatch) — Conditions in China’s manufacturing sector declined in January, marking the sixth straight month of falls, while the pace of layoffs jumped to the highest recorded in a four-year-old survey published by CLSA Asia-Pacific Markets. The headline PMI index stood at 42.2, rising slightly from 41.2 in December, but well below the 50-level that indicates the manufacturing sector is neither growing nor shirking. The reading was the third-sharpest deterioration on record, following declines in December and November. The monthly survey was launched in April 2004. The survey also showed that job shedding accelerated in each of the last six months. “Despite easing for the second month running, the rate of [PMI index] contraction remains considerable, reflecting rapidly deteriorating market conditions and fears of a deepening economic downturn,” CLSA noted in the report. (This version amends when the CLSA PMI monthly survey was launched.)
A lot of the Chinese factories I work with are telling me that they’re starting to get busier - sales and inquiries are picking up. I think we’re on track for a recovery in the second half of this year (about right on schedule for pretty much all recessions).
We’ll recover, unless the Congress and the President do something stupid like blow $1 trillion on worthless projects...
Message from China:
Idle hands are counter-reveloutionary and subject to death.
Unions are anti-authority and subject to death.
Saying anti-Chinese messages are subject to death.
Asking for unemployment makes you parasite and subject to death.
Having sympathy for Tibet makes you an enemy of the state and subject to death.
Dead people eat no food
Dead people don’t unionize or protest
Dead people don’t breath no air
Dead people don’t breed
Dead people supply organs for $$$$ black market
Such symetry in motion. Problems equals death which equals benefits for the state.....BRILLIANT!!!!
Mmm... Really impressive, it seems that you believe virtually everything your media feed you.
Agro production and consumption don’t seem to jive - latest data through Nov. shows overall food prices up 15.3% YTD (albeit MoM it is slowing).
Still, grain, seafood, meat are all running at high rates so either demand is outstripping supply or supplies just aren’t growing fast enough.
Maybe internal demand is being artificially pumped up, but no way they avoid the global meltdown. Even those countries shipping to them are seeing huge drops (Korea/Australia).
It can’t be that locals are only by from locals and all is well with the world.
LOL. I just need the unicorn, NOT the douchebag on the unicorn.
hahahaha
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