China crashes into recession, readies COVID pivot

Pantheon leads us off.

China: Manufacturing PMI fell to 48.0 in November, from 49.2 in October. Consensus was 49.0.
China: Non-manufacturing PMI decreased to 46.7 in November, from 48.7 in October. Consensus was 48.0.

China’s headline manufacturing PMI declined 1.2 points to 48.0 in November, below market expectations, as output and demand were hit by renewed Covid surges. The headline PMI has been sub-50 for the last two months, following a four-month reopening period with readings over 50. Overall new orders fell to 46.4 from 48.1, while new export orders dropped to 46.7 from 47.6, evidencing fading demand in both domestic and overseas markets. These were the lowest readings since the wrenching Q2 lockdown.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.