China steel PMI tanks

Monday, 1 June 2015

The China data keeps rolling with the non-manufacturing PMI out and still growing at 53.2 but slower over the month by 0.2. The non-manufacturing PMI includes the construction sector and it is still contracting at 48.9 but the falls have slowed.

More directly, the steel component of the manufacturing PMI tanked 6 points to 42.4 and new orders were worse down 11.6 to 37.6:

The sector in highly volatile month to month but it’s still not encouraging.

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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.