Manufacturing PMI 49.4
- expected 49.3, prior 49.5
- production index fell to 50.5 (prior 50.6)
- new order index 49.3 (prior 49.5)
- new export order index remained in contraction for the third consecutive month
Services PMI 50.2
- expected 50.2, prior 50.5
The Composite comes in at 50.2
- prior 51.0
Soft data again from China, but not as shockingly bad as the previous month.
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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.
- The Caixin manufacturing PMI will follow on Thursday, services on Monday
