Three year low for China PMI

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The official China PMI is out for November and sank to a three year low of 49.6. Everything fell:

Capture

It’s a competition between whether internal or external demand is falling faster. Remember that the various components of Chinese manufacturing represent 30% of steel consumption and there is nothing good going on here.

Services were better rising three points to 53.6 but that is also pretty weak in historical terms.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.