Friday, 3 April 2009

Looking on the bright side

Growth in China remains the big hope for Australia when it comes to avoiding the worst of the international recession and there is one small sign this morning that things on that front are getting better. A wonderful little statistic called the Purchasing Managers' Index, compiled by the China Federation of Logistics & Purchasing and the National Bureau of Statistics, points towards a strengthening of manufacturing growth. When the PMI reading is above 50 points it indicates that the manufacturing economy is generally expanding and this morning's magic number for March is 52.4 - up from 49 in November. We can but hope that the Chinese government’s 4 trillion yuan ($US585 billion) stimulus package is beginning to work and that the upturn continues.
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