China data again fails to launch

The official China PMI was released on Sunday and showed no change at 49.8 with new orders still weak and new export orders even weaker:

Luke warm and unchanged. No sign of the “recovery” markets are expecting in Q4. In fact, the non-manufacturing PMI was also out and faded to 53.1 in October from September’s 53.4, the slowest since the GFC.

The CREIS October house price series was released and recorded only luke warm growth of 0.28% versus 0.67% in September with a slight broadening of price rises across cities but gains again dominated by tier one.

The Chinese economy is clearly struggling to lift off.

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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.