Chinese PMIs remain weak

They’re positive but given they’re directional not positional they indicate a still-weak recovery. Manufacturing is barely expanding:

From the perspective of enterprise scale, the PMI of large and medium-sized enterprises were 52.1% and 50.2% , up 0.5 and 1.4 percentage points from the previous month ; the PMI of small enterprises was 48.9% , down 1.9 percentage points from 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.

The question is, expanding from what level?

The services PMI was a bit better:

In view of different industries, the construction industry business activity index was 59.8% , a decrease of 1.0 percentage point from the previous month . The service industry business activity index was 53.4% , an increase of 1.1 percentage points from the previous month . In terms of industry categories, the business activity index of the railway transportation industry, road transportation industry, air transportation industry, postal industry, telecommunications, radio and television satellite transmission services, Internet software information services, monetary and financial services, capital market services, and insurance industries is at 55.0 % And above, the business activity index of leasing and business service industry, residential service industry, culture, sports and entertainment industry is below the critical point.

The new order index was 52.7% , a slight increase of 0.1 percentage point from the previous month , indicating that the demand in the non-manufacturing market rebounded steadily. In view of different industries, the new orders index of the construction industry was 55.2% , which was 2.8 percentage points lower than last month ; the new orders index of the service industry was 52.3% , which was 0.6 percentage points higher than last month .

Not even the construction PMI is very strong.

The Chinee recovery remains a grind from much lower than normal levels.

Houses and Holes
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