China’s mixed PMI data suggests economy is muddling through
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ASIA/PACIFIC: China’s official manufacturing purchasing managers’ index slipped back to a neutral level of 50, while the non-manufacturing PMI unexpectedly rose into expansion territory. Meanwhile, the continued outperformance of the RatingDog PMI suggests external demand is outp
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4 itemsChina’s mixed PMI data suggests economy is muddling through
China’s mixed PMI data suggests economy is muddling through
China’s PMIs remained in contractionary territory in August
The desk sees the August PMI data as a mixed bag that underscores ongoing challenges for China's economy, with the manufacturing sector showing slight signs of stabilization while the services sector remains weak. Per the full note from ING, the manufacturing PMI improved to 49.8 from 49.2, slightly exceeding expectations but still in contraction. The desk emphasizes that while there are positive signals in manufacturing, particularly in new orders and production, the stagnant non-manufacturing PMI at 49.0 indicates underlying weaknesses in domestic demand that cannot be ignored.