The China boomlet is not strong and is quietly slipping. The official PMI only fell marginally but the internals slipped more:
June May April March Feb. Jan. Dec.
2016 2016 2016 2016 2016 2016 2015
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—————— Main Index —————–
Manufacturing PMI 50.0 50.1 50.1 50.2 49.0 49.4 49.7
Output 52.5 52.3 52.2 52.3 50.2 51.4 52.2
New Orders 50.5 50.7 51.0 51.4 48.6 49.5 50.2
Inventories of Raw Materials 47.0 47.6 47.4 48.2 48.0 46.8 47.6
Employment 47.9 48.2 47.8 48.1 47.6 47.8 47.4
Suppliers’ Delivery Times 50.7 50.4 50.1 51.3 49.8 50.5 50.7
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June May April March Feb. Jan. Dec.
2016 2016 2016 2016 2016 2016 2015
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—————– Other Index —————–
New Export Orders 49.6 50.0 50.1 50.2 47.4 46.9 47.5
Imports 49.1 49.6 49.5 50.1 45.8 46.4 47.6
Purchases Quantity 50.5 51.2 51.0 52.6 47.9 49.0 50.3
Input Prices 51.3 55.3 57.6 55.3 50.2 45.1 42.4
Inventories of Finished Goods 46.5 46.8 45.5 46.0 46.4 44.6 46.1
Backlogs of Work 45.0 45.1 44.8 45.7 43.9 43.4 43.6
Business Activity Expectation 53.4 55.9 60.3 62.6 57.9 44.4 44.6
By scale of enterprises
Large enterprises 51.0 50.3 51.0 51.5 49.9 50.3 50.9
Medium enterprises 49.1 50.5 50.0 49.1 49.0 49.0 49.6
Small enterprises 47.4 48.6 46.9 48.1 44.4 46.1 44.9
