The official PMIs from China's National Bureau of Statistics for November 2022
Manufacturing a big miss at a horrible 48.0
- expected 49.0, prior 49.2
Services with an even bigger miss at 46.7
- expected 48.0, prior 48.7
Composite is a shocker at 47.1
- prior 49.0
These awful results will continue until China sorts out its COVID-19 problem. Yesterday we had rumours swirling they would do so. So far these have amounted to nothing. How much longer?
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The privately surveyed, and thus unofficial, PMIs from Markit/Caixin will follow later this week. These are different surveys, there is a greater representation of large and SEO firms in the official PMIs.
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