China’s official PMI holds up

Monday 3 June 2013

The media got very excited by the China’s May PMI over the weekend because it came in above its depressed expectations at 50.8. Courtesy of ANZ:

Objectively, as you can see, there is nothing terribly exciting in the result. The key measures are all headed sideways with perhaps a slight bias upwards in the trend. It was a better result than the Flash PMI but the low trends look very entrenched. Nothing to see 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.