China’s second official PMI is the non-manufacturing sectors (which should not be confused with the HSBC services PMI) was out today and fell a little, from Xinhua:
China’s non-manufacturing purchasing managers’ index (PMI) dropped to 55 points in June from a six-month high of 55.5 in May, official data showed on Thursday.
The non-manufacturing PMI, compiled by the National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP), tracks activity in sectors including construction, software, aviation, railway transport and real estate.
Although this is actually the most important PMI for Australia it usually gets the least coverage. At 55 it’s decent and probably best described as stable but not tearaway by any means relative to history.
