China Dec. PMIs: Manufacturing 50.2 (vs. expected 50.1) & Services 53.5 (expected 54.2)

Author: Eamonn Sheridan | Category: News

These are the official China PMIs for December via he China Federation of Logistics & Purchasing (CFLP) and the National Bureau of Statistics (NBS)

Manufacturing 50.2 for a wee beat
  • expected 50.1, prior 50.2
  • new export orders moved back into expansion, they haven't been in expansion since May of 2018
  • the output sub index jumped to 53.2 (from Nov. 52.6)
  • employment steady at a a contractionary 47.3 again
Non-manufacturing 53.5 a miss and a dip on the month
  • expected 54.2, prior 54.4
Composite 53.4 
  • prior 53.7
Despite the drop in services the better than expected (by the smallest possible margin) manufacturing number will be a balm for risk markets. Optimism lingers.
Still to come … 
On Thursday 2 Jan, at 0145GMT, the private survey Caixin/Markit Manufacturing PMI for December 
  • expected 51.6, prior 51.8 
and Monday 6 Jan, also at 0145GMT, Caixin/Markit PMIs for Services & also the Composite
  • Services expected 53.4 prior 53.5
  • Composite prior 53.2

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