Caixin / S&P Global Services PMI for July is a beat and an improved 54.1 and a seventh consecutive month of expansion
- expected 52.5, prior 53.9
The Composite, however, is down from June at 51.9
- prior 52.5
"In terms of policies, the top priorities should still be guaranteeing employment, stabilizing expectations and increasing household income," said Wang Zhe, senior economist at Caixin Insight Group.
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An encouraging result from China. The Composite was dragged down by the manufacturing PMI that fell into copntraction in July (see below for more on the Caixzin Manufacturing PMI for July).
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Earlier:
- China official July Manufacturing PMI 49.3 (vs. expected 49.2) & Services 51.5
China June 2023 Caixin / S&P Global Manufacturing PMI 49.2 (prior 50.5)
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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.
- While the NBS' PMIs cover large and state-owned companies, the Caixin PMI survey covers more 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.
