China PMI data out over the weekend manufacturing dips, services up

China PMI data out over the weekend manufacturing dips, services up


Official PMIs from China for June were released by the National Bureau of Statistics (NBS) / China Logistics Information Center on Saturday.

Manufacturing PMI 51.5

  • expected 51.6, prior 51.9, average for January – June is 51.3 
  • new export orders index contracted for the first time since February, 49.8 (from 51.2 in May)
  • production sub-index 53.6 (from 54.1 previously)
  • new orders sub-index 53.2 (from 53.8)

The export figure above looks to be responding to heightened trade tensions with the US. Not a positive sign, but do note in earlier months this year exports were strong, likely shifted forward as a precaution against this possibility. 

Services PMI 55.0

  • expected 54.8, prior 54.9   
  • Note the services sector makes up more than 50% of China’s GDP

Composite (a combination of the two) came in at 54.4, from 54.6 in May (the year to date average of this is 54.1)

I’ll pop up some more on this on Monday.

 



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