China August Manufacturing PMI 49.7, beating the estimate and still in contraction
- vs. expected 49.2, prior 49.3
- fifth consecutive month in contraction for factory activity, but edging towards an expansionary reading. Maybe in September?
Non-Manufacturing 51.0, missing its estimate and in expansion
- expected 51.2, prior 51.5
The combined PMI, the 'Composite' is 51.3
Statements from the National Bureau of Statistics (NBS):
- Improvements in manufacturing activity in China continued in August.
- New Order Index is up 0.7 from July to 50.2%, back to the expansion zone as stable production and market demand improved.
- Small business activity has improved.
- The large enterprise PMI rises to 50.8%, providing significant support to the overall manufacturing industry.
- The medium-sized enterprise PMI +0.6 pps to 49.6%, and the small enterprise PMI +0.3 pps to 47.7%
- The production and operation activity expectation index +0.5 pps to 55.6%, enterprise confidence has been strengthened
- The production and operation activity expectation index of the consumer goods industry has been above 55.0% since the beginning of the year.
