China Caixin Manufacturing PMI (March) 49.5 (vs. expected 50.3)

Caixin / S&P Global China Manufacturing PMI for March 2023 drops into contraction at 49.5

• expected 50.3, prior 50.0

Into contraction for the first time in 3 months.

The report summarises the Key findings:

• Output expands only fractionally
• as demand conditions soften
• Input costs and selling prices fall at quickest rates in over seven years

Over the weekend we had the official PMIs:

• ICYMI: China printed a miserable manufacturing PMI result for April, back into contraction

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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. It'll be useful comparing the results of today's with that from the weekend.

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