more to come
China February Caixin Manufacturing PMI 50.9
- expected 50.6, prior 50.8
Caixin PMI summary:
- production and new orders grew faster in February
- new export business expanded for the second consecutive month due to an improvement in underlying global demand conditions
- inventories of purchased items increased at the fastest pace since late-2020
- stocks of finished items fell for the first time since June last year
- employment fell for the sixth successive month
- factory gate prices down for the second month, with the rate of discounting being the quickest since July 2023
We had official PMIs earlier:
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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.
- The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers 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.
