China data: Caixin/S&P Global August 2023 Manufacturing PMI: 51.0 (expected 49.3)

Caixin/S&P Global August 2023 Manufacturing PMI

• expected 49.3, prior 49.2

A good beat and encouraging news from China.

Yesterday ...

The official PMIs from China:

• China August Manufacturing PMI 49.7 (vs. expected 49.2)

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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.