China Caixin Manufacturing PMI for May 2024: 51.7 (expected 51.5, prior 51.4)

Much better than the National Bureau of Statistics (NBS) official manufacturing PMI released last week (see link below)

From the report today, in brief:

• fourth consecutive month of accelerated growth in the
  sector
• supply and demand expanded
• output reached a 23-month high
• strong increases in consumption goods production
• new orders 10th straight month of growth
• New export orders grew for the fifth
  consecutive month, albeit at a slower pace
• sector’s labor market remained in
  contraction for the ninth straight month
• Price levels remained low. Input costs rose at the fastest pace in seven
  months, though the increase was modest.
• Sales prices continued to decline
• factory gate prices for intermediate goods ticked up

—

On Friday we had the official May PMIS:

• China May 2024 Official Manufacturing PMI 49.5 (expected 50.5)

Manufacturing slipped back into contraction, and to its lowest for 3 months.

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