This is the private measure of manufacturing PMI. It's a different survey ... different and generally smaller fimrs surveyed compared with the official PMI survey

Comes in at 50.0, for a MISS

  • expected 50.1, prior 50.6

And here I was getting all excited about the big improvement in the official manufacturing PMI (50.4 in August vs. 49.8 in July) ... Caixin tipping a big bucket of cold water on that .... sorta, it coulda been worse.

More :

  • Production and total new orders both rose at slower rates
  • Export sales continued to decline
  • Job shedding persisted, though the latest reduction in payrolls was the slowest seen in 2016 to date
  • Price pressures eased, with both input costs and prices charged increasing at weaker rates than seen in July
  • Manufacturing production rose for the second successive month in August

Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said:

  • "The Caixin China General Manufacturing PMI for August slipped to 50.0, after a short-lived uptick in July.
  • The index readings for output, new orders and stocks of purchases all declined from the previous month, with the index for inventories of purchases falling back to the territory of contraction.
  • The stagnation that follows tentative signs of recovery in July may have been caused by a temporary tightening of proactive fiscal policies. Downward pressure on China's economy remains and government support to stabilize growth must continue."

Earlier from China:

  • China manufacturing PMI for August: 50.4 (expected 49.8), Services 53.5 (prior 53.9)
    PBOC sets yuan reference rate for today at 6.6784 (vs. yesterday at 6.6908)