The services PMI due from China today is the privately conducted Caixin / S&P Global non-manufacturing PMI for May.
China's National Bureau of Statistics (NBS) published its services PMI last week. As background to this second PMI due today, 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 more 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.
Last week Caixin / S&P Global published its manufacturing PMI for May. As an illustration of how different the two surveys can be (NBS vs. Caixin) this one was expansionary, in contrast to the very disappointing official PMI:
- China Caixin Manufacturing PMI for May: 50.9 (expected 49.5)
- China Official May PMIs: Manufacturing 48.8 (expected 51.4) Services 54.5 (expected 54.9)
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ps. It's a holiday in New Zealand markets today
This snapshot from the ForexLive economic data calendar, access it here.
The times in the left-most column are GMT.
The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
I’ve
noted data for New Zealand and Australia with text as the similarity
of the little flags can sometimes be confusing.
