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1st LD: Manufacturing activity drops to 11-month low

Xinhua, March 24, 2015 Adjust font size:

China's manufacturing activity in March fell to an 11-month low of 49.2, indicating weaker growth momentum, showed HSBC's preliminary purchasing managers' index (PMI) on Tuesday.

The HSBC flash manufacturing PMI for March came after a reading of 50.7 in February.

A reading above 50 indicates expansion, while a reading below that represents contraction.

The output sub-index stood at 50.8 in March, down from 51.7 in February, representing a two-month low, according to the monthly report.

The PMI "signalled a slight deterioration in the health of China's manufacturing sector in March," said Annabel Fiddes, an economist at Markit.

"A renewed fall in total new business contributed to a weaker expansion of output, while companies continued to trim their workforce," Fiddes added.

China's economy grew 7.4 percent in 2014, the weakest annual expansion in 24 years, but still in line with market expectations. Endi