China's PMI for Manufacturing Sector Down in Feb

The Purchasing Managers' Index (PMI) for China's manufacturing sector stood at 52 percent in February, down 3.8 percentage points from January 2010, the China Federation of Logistics and Purchasing (CELP) said on Mar.1.
     It was the 12th straight month the index was above 50 percent.
The PMI includes a package of indices to measure manufacturing sector performance. A reading above 50 percent indicates economic expansion, while that below 50 percent indicates contraction.
     The figure stood at 56.6 percent in December 2009, the highest since May 2008, according to the CELP.
     Zhang Liqun, a researcher with the State Council's Development Research Center, said the February PMI figure showed uncertainties still existed in China's economic recovery, adding that he was cautiously optimistic about China's export growth prospects.
     The PMI reading was based on data from the National Bureau of Statistics, covering purchasing and supply managers in more than 700 firms across China.