Over the weekend we got the official Chinese PMI and it weakened slightly to a headline score of 50 from 50.2. The internals were all weaker as well with both new orders and new export orders below 50:
It’s not disastrous but given the amount of stimulus we’ve seen it’s not impressive, either. Manufacturing has been a slouching zombie around zero all year, an unprecedented situation given its history is to be either falling or rising.
In better news, the non-manufacturing PMI was a bit better edging up to 53.9 from 53.8. The construction sub-sector was still expanding strongly at 60.1 easing back from 62.1 in June, showing stimulus was still keeping building moving if at an ever slowing pace.
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