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China’s official PMI for April is out and fell marginally to 50.6 points from 50.9 in March. Consensus was 50.7. The internals are nothing to write home to mother about either:
New local orders slowed, new export orders are contracting and backlogs of work are falling faster than inventories. Not a collapse but certainly no joy here for the global economy.
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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.