The China PMIs are out and that economy is going nowhere. First, manufacturing:
In September , the manufacturing PMI was 49.8% , up 0.3 percentage points from the previous month . Although it is still below the glory line, the overall economy has improved from last month. The main features of the manufacturing PMI this month : First, the expansion of production demand. The new order index was 50.5% , up 0.8 percentage points from the previous month, and rose to the expansion range for the first time since May . Production activities have accelerated, with a production index of 52.3% , an increase of 0.4 percentage points from the previous month.
In September , the index of non-manufacturing business activities was 53.7% , a slight decrease of 0.1 percentage points from the previous month . The non-manufacturing industry continued to expand steadily.
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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.
