China Flash PMI slump eases

The results are in for China’s July Flash PMI and shows some improvement with the headline rising 1.3 points to 49.5, a five month high. Output climbed back into positive territory, up 1.9 points to 51.2.

The internals weren’t too bad either with second derivative slowing apparent:

The important new business/orders measure rose too but the trends still look weak:

Overall, there’s something here for the bulls with a decent slowing in the slowing and some may want to claim we’re past the bottom, but it’s still not unicorns and rainbows.

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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.