November 2023 official Chinese PMIs from the National Bureau of Statistics (NBS)
Composite 50.4, prior 50.7
Manufacturing activity contracted for a second straight month, falling deeper into contraction.
Both services and manufacturing disappointed relative to the median estimates, and slower than October.
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The data disappointment trimmed a few tics from AUD. US equity index futures off tiny also.
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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.
