I posted the official Chinese PMIs over the weekend:
These are from China's National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).
Now we have the privately surveyed manufacturing PMI from China. These are different surveys, there is a greater representation of large and SEO firms in the official PMIs.
Its dropped deeper into contraction at 49.0 from 49.4 in November.
- 5th month in a row in contraction
- lowest since September
China is experiencing a blowout wave of COVID-19 infections with the rapid reopening moves. The wave will pass.
- The Business confidence measure in the survey improved to a 10-month high
- sub-index of future output surged to the highest since February
From the report:
- "Supply contracted, total demand remained weak, overseas demand shrank, employment deteriorated, logistics was sluggish, manufacturers faced growing pressure on their profitability, and the quantity of purchases as well as inventories stayed low," said Wang Zhe, senior economist at Caixin
