The one-trick pony stumbles on. The latest Chian manufacturing PMI managed weak growth:
In August , the Purchasing Managers Index ( PMI ) of China’s manufacturing industry was 51.0% , a slight decrease of 0.1 percentage point from the previous month , indicating that the overall manufacturing industry was operating smoothly.
New orders grinding higher. New export orders still falling which is pretty remarkable.
But that’s not where the action is. It’s the services PMI:
In August , the non-manufacturing business activity index was 55.2% , an increase of 1.0 percentage point from the previous month , and was above the threshold for 6 consecutive months.
In terms of different industries, the business activity index of the construction industry was 60.2% , a decrease of 0.3 percentage points from the previous month . The business activity index of the service industry was 54.3% , an increase of 1.2 percentage points from the previous month . In terms of industry categories, the business activity index of railway transportation, air transportation, accommodation, telecommunications, broadcasting, television and satellite transmission services is above 60.0% , and the business activity index of capital market services, real estate and other industries is below the critical point.
Infrastructure and empty apartments to the moon!