China’s PMI underwhelms

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Chinese economic data continues to underwhelm with today’s July PMI print coming in at 50.1, 0.4 points below consensus:

The PMI has not yet arrested its trend decline.

And despite what various glass half full folks have tried to bamboozle us with, this means that Chinese manufacturing is again on the verge of contraction. And the internals are still weakening, though probably at a slower rate.

Maybe a bottom in sight but there’s nothing like a v-shape apparent here.

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.