Caixin China PMI decent but…

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Via Capital Economics:

• The latest PMIs suggest that China continued to sustain rapid growth last month. But the surveys don’t tell the full story and have mostly defied a slowdown in the hard data during the past year.

• After edging up from 51.0 to 51.1 in April, the Caixin manufacturing PMI held steady in May. The unofficial index is generally a better guide to cyclical trends than its official counterpart which was published yesterday and had hinted at a pick-up in growth that now looks less certain. (See Chart 1.)

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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.