China PMI misses

China’s official PMI for September is out and has confirmed the sudden slowing in the HSBC version coming in at 51.1 points in September, compared to expectations of 51.6. The internals are mix of moderate outcomes:

Manufacturing PMI 51.1 51.0 50.3 50.1 50.8 50.6 50.9
Output 52.9 52.6 52.4 52.0 53.3 52.6 52.7
New Orders 52.8 52.4 50.6 50.4 51.8 51.7 52.3
New Export Orders 50.7 50.2 49.0 47.7 49.4 48.6 50.9
Backlogs of Work 46.2 44.8 44.7 42.9 44.9 43.6 47.1
Inventories of Finished Goods 47.4 47.6 47.3 48.2 48.6 47.7 50.2

The news hit the dollar briefly but ominously it rebounded immediately.

Share

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.