China’s official PMI sags too

Friday 1 March 2013

China’s recovery ain’t looking so hot with the release of the official PMI this afternoon. Against market expectations it fell a couple of points to be barely expanding at 50.1:

The internals aren’t too hot either with declines led by new orders, local and export:

Looks to me like ye auld global Christmas inventory cycle has fooled everyone for the fourth year in a row. The dollar is threatening 1.02 again as we speak.

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.