Sept: China PMI steady, Japan PMI drops
JAPAN SEP MANUFACTURING PMI DECREASE TO 51.7 VS PREV 52.2
BEIJING--A key gauge of China's manufacturing held steady in September, official data showed Wednesday, suggesting that economic growth has somewhat stabilized but at a modest level.
China's official manufacturing Purchasing Managers Index registered 51.1 in September, unchanged from August, the China Federation of Logistics and Purchasing , which issues the data with the government's National Bureau of Statistics , said.
The September PMI matches the median 51.1 forecast from a poll of 10 economists by The Wall Street Journal .
Wednesday's data shows that "business confidence remains weak and economic growth still faces downward pressure," Zhang Liqun, an analyst with CFLP, said in a statement.
A PMI reading above 50 indicates an expansion in manufacturing activity from the previous month, whereas a reading below indicates contraction.
Components of the September PMI presented a mixed picture. The subindex measuring production edged up to 53.6 in September from 53.2 in August, and the new export orders subindex also rose to 50.2 from 50.0.
The new orders subindex fell to 52.2 from 52.5, while the gauge measuring business expectations also fell.
The HSBC China manufacturing PMI, a competing index, was also unchanged at a final reading of 50.2 in September from 50.2 in August, HSBC Holdings PLC said Tuesday.
--Liyan Qi
(END) Dow Jones Newswires
09-30-14 2146ET
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