Chinese PMIs hang on empty apartments

Via China’s NBS:

In May , China Manufacturing Purchasing Managers Index ( PMI ) was 50.6% , a decrease of 0.2 percentage points from the previous month .

In terms of enterprise size, the PMI of large enterprises is 51.6% , an increase of 0.5 percentage points from the previous month ; the PMI of small and medium-sized enterprises is 48.8% and 50.8% , which is 1.4 and 0.2 percentage points lower than the previous month .

From the perspective of the classification index, among the five classification indexes that constitute the manufacturing PMI , the production index, new order index and supplier delivery time index are all higher than the critical point, and the raw material inventory index and the employee index are lower than the critical point.

Ho hum. Better news in the empty apartment sector:

In May , the non-manufacturing business activity index was 53.6% , an increase of 0.4 percentage points from the previous month .

In view of different industries, the business activity index of the construction industry was 60.8% , 1.1 percentage points higher than that of the previous month. The service industry business activity index was 52.3% , an increase of 0.2 percentage points from the previous month . In terms of industry categories, retail business, catering, railway transportation, air transportation, telecommunications, radio and television satellite transmission services, Internet software and information services, and other business activity indexes are above 55.0% . Culture, sports, entertainment, capital market services, etc. The industry business activity index is below 45.0% .

Nothing can touch empty apartments.

David Llewellyn-Smith

Comments are hidden for Membership Subscribers only.