The PMI data leaked out early:
Early release of China PMI for May? Composite reported at 53.3 (prior 53.4)
Here is the full suite:
Manufacturing Purchasing Managers Index (PMI), 49.4
- expected 49.9, prior was 50.1
Non -manufacturing (services) Purchasing Managers Index (PMI), 54.3
- expected 54.3, prior was 54.3
Composite Purchasing Managers Index (PMI), 53.3
- prior was 53.4
On the manufacturing PMI, not only did it come in a sharp drop on the month and below the central estimate, it also came in below all estimates (from the Bloomberg survey). Its a terrible result.
Some of the detail from the manufacturing PMI :
- Output 51.7 (vs. 52.1 in April)
- New Orders 49.8 (51.4)
- New Export Orders 46.5 (49.2)
- Order Backlog 44.3 (44.0)
- Finished Goods Inventories 48.1 (46.5)
- Input Prices 51.8 (53.1)
- Output Prices 49.0 (52.0)
- Employment 47.0 (Apr 47.2)
