China PMIs firm but…

Via China’s NBS comes the manufacturing PMI

In November , China’s Manufacturing Purchasing Managers Index ( PMI ) was 52.1% , an increase of 0.7 percentage points from the previous month , and was above the threshold for nine consecutive months, indicating that the recovery growth of the manufacturing industry has accelerated.

In terms of enterprise scale, the PMI of large, medium and small enterprises was 53.0% , 52.0%, and 50.1% , up 0.4 , 1.4, and 0.7 percentage points from the previous month , all of which were above the threshold.

In terms of sub-indices, among the five sub-indices that make up the manufacturing PMI , the production index, new order index, and supplier delivery time index are all above the critical point, and the raw material inventory index and the employee index are below the critical point.

And services PMI:

In November , the non-manufacturing business activity index was 56.4% , an increase of 0.2 percentage points from the previous month , which was the highest point for the year. The non-manufacturing sector continued its steady and positive recovery trend.

In terms of different industries, the business activity index of the construction industry was 60.5% , 0.7 percentage points higher than last month . The business activity index of the service industry was 55.7% , an increase of 0.2 % from the previous month . From the perspective of the industry, the business activity index of railway transportation, air transportation, telecommunications, broadcasting and television satellite transmission services, and financial industry is above 60.0% , and the business activity index of real estate, ecological protection and environmental governance is below the critical point.

The new order index was 52.8% , which was 0.2 percentage points lower than the previous month , but it was still above the threshold, indicating that the non-manufacturing market demand continued to improve. In terms of different industries, the construction industry new order index was 54.0% , an increase of 0.9 percentage points from the previous month ; the service industry new order index was 52.6% , a decrease of 0.3 percentage points from the previous month .

Neither realty nor construction flying though infrastructure was better.

The best days are behind iron ore demand are already behind us in this cycle.

David Llewellyn-Smith
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