China June 2024 Official Manufacturing PMI 49.4 (expected 49.4)

Manufacturing PMI 49.4

• expected 49.3, prior 49.5
• production index fell to 50.5 (prior 50.6)
• new order index 49.3 (prior 49.5)
• new export order index remained in contraction for the third consecutive month

Services PMI 50.2

• expected 50.2, prior 50.5

The Composite comes in at 50.2

• prior 51.0

Soft data again from China, but not as shockingly bad as the previous month.

—

China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
• Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.
• The Caixin manufacturing PMI will follow on Thursday, services on Monday

Tags

This article was written by Eamonn Sheridan at www.forexlive.com.