China PMIs grind higher

Via China’s NBS comes the manufacturing PMI:

In July , China’s Manufacturing Purchasing Managers Index ( PMI ) was 51.1% , an increase of 0.2 percentage points from the previous month , and was above the threshold for five consecutive months.

Export orders bottoming. Services PMI:

In July , the non-manufacturing business activity index was 54.2% , a decrease of 0.2 percentage points from the previous month , and continued to remain above the threshold.

In terms of different industries, the business activity index of the construction industry was 60.5% , an increase of 0.7 percentage points from the previous month . The business activity index of the service industry was 53.1% , a decrease of 0.3 percentage points from the previous month . From the perspective of industry categories, the business activity index of railway transportation, air transportation, postal express, accommodation, telecommunications, broadcasting and television satellite transmission services, and capital market services is above 60.0% , and that of insurance, real estate, leasing and business services and other industries. Located below the critical point.

Repeat after me: MOAR empty apartments! AUD up with them.

David Llewellyn-Smith

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