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Asian production drops

Published by Steve Coleman on September 06, 2011

Inflation took a larger-than-expected bite out of Asian manufacturing in August.

While China showed slightly more activity for the month, other Asian and Pacific countries showed slightly less for the same period.

China's official PMI rose to 50.9 in August, up from 50.7 for the previous month.

Anything below 50 indicates shrinking production numbers. Anything higher shows more.

The good news may not last for Chinese manufacturers, however. The government index for new export orders fell to 48.3 in August from 50.4 in July.

South Korea saw its first drop in 10 months from lukewarm new orders and higher material costs. HSBC says its index for the country fell to 49.7 from 51.3 in July.

Manufacturing numbers were down in other parts of the Pacific as well.

The HSBC Taiwan Manufacturing PMI fell to 45.2 in August from 46.1 in July, its lowest reading in 31 months.

Australian manufacturing also slumped, again, last month. A surging Australian dollar helped pummel the country's manufacturing index down another 0.1 points to 43.3.
Inflation is also on the rise across Asia.

China's official number is 6.5 per cent, while Korea hit a three-year high last month with a 5.3 per cent inflation rate.

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