China’s official July PMIs were out over the weekend. Manufacturing came in at 51.5 and services at 55:
The manufacturing purchasing managers’ index continues to operate in the expansion zone.
Since the beginning of this year, the manufacturing PMI has been operating in the boom zone of 50.0% or above. The average value of the first half of the year was 51.3% . The manufacturing PMI of this month was 51.5% , down 0.4 percentage points from the previous month and still higher than the average of 0.2 percentage points in the first half of the year . The overall manufacturing industry continues to expand. The main features of this month: First, the fundamentals of the manufacturing industry are generally positive. In the survey of 21 industries, 15 industries PMI located in expansionary territory, in which pharmaceutical manufacturing, special equipment manufacturing, computer communications equipment and electronic instrumentation manufacturing PMI are located 54.0% more than the higher booming region, remain relatively Fast growth. The second is that production and demand have grown steadily overall. The production index and new orders index were 53.6% and 53.2% , respectively . Although they were lower than the previous month’s 0.5 and 0.6 percentage points, they were still higher than the first half of the average of 0.6 and 0.4 percentage points. The market supply and demand continued to expand. Third, the degree of import and export boom has declined. The new export order index was 49.8% , down 1.4 from last month.Percentage. The import index was 50.0% , which was lower than the 0.9 % in the previous month . Manufacturing imports and exports generally slowed down. Fourth, the price index continues to rise. The purchase price index of major raw materials was 57.7% , which was 1.0 percentage points higher than the previous month and rose for two consecutive months. The ex-factory price index was 53.3% , up 0.1 percentage points from the previous month and it was the highest point this year. The purchase price index and the ex-factory price index for major raw materials of the ferrous metal smelting and rolling processing industry rose to above 70.0% , and the gains increased.
