The second of the monthly manufacturing PMIs from China, the Caixin / Markit survey.
Earlier this week we had the official PMIs from China's National Bureau of Statistics.
- China official Manufacturing PMI 48.0 (expected 49.0) & Services 46.7 (expected 48.0)
- More on China's Nov. PMI plunge into deep contraction for both manufacturing and services
Summary points made in the report commentary ... pretty dire ....
- in contractionary territory for the fourth consecutive month
- Both manufacturing supply and demand continued to shrink last month due to the spreading Covid outbreaks and subsequent containment measures
- subindices for output and total new orders remained below 50 for a third and fourth straight month respectively, with output weakening at a faster pace
- Due to Covid controls at home coupled with rising recession risks overseas, the reading for new export orders remained in contraction for the fourth consecutive month
- Employment took a dive ... The related subindex remained in contractionary territory for the eighth month running, and logged its worst performance since February 2020
- The gauges for input and output prices diverged for the second consecutive month. As prices of bulk commodities like metals and crude oil ticked up, input costs rose at a slightly faster pace. Given the weakness in demand, it was difficult for manufacturers to pass on their rising input costs
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Maybe there is some light at the end of the tunnel:
China Official Behind Strict Covid Lockdowns Softens Her Stance
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Hopefully the leadership listens to the people.
