The Caixin survey has a greater representation of smaller firms than does the official PMI survey (from China's NBS).

Comes in at 48.1

  • expected 47
  • prior 46

In very, very brief from comments to the report:

  • Both manufacturing supply and demand contracted further.
  • The measure for new export orders remained in contractionary territory for 10 consecutive months in May as Covid-19 outbreaks continued to impact transportation and logistics
  • Manufacturing employment weakened further.
  • Performance of the measures for input and output prices diverged. The prices of raw materials, fuel and freight remained high, adding to the cost pressure on manufacturers. By comparison, the gauge for output prices fell into negative territory, dropping to its lowest since April 2020 due to weak market demand

The official PMIs were out yesterday. They also showed improvement, as this one has, but still in contraction, ditto.

more to come

caixin pmi 01 June 2022