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Caixin Services PMI Dips, Rounding Out Generally Softer June PMI Updates

CHINA DATA

The Caixin Services PMI print came in noticeably sub market expectations, although the print isn't as closely followed as the official PMI outcomes. We printed at 51.2 for June, against a 53.4 forecast and 54.0 prior. The headline index is still in expansion territory but back near Oct 2023 levels.

  • The latest round of PMI prints only has the Caixin manufacturing coming in stronger than forecast (51.8 versus 51.5 expected). The official manufacturing PMI printed at 49.5, in line with forecasts, while the official services eased to 50.5 (51.0 forecast).
  • Today's result brings the Caixin services outcome closer into line with the official read.
  • In terms of the detail, new orders eased to 52.1 in June from 55.4. Business confidence also fell back to levels last seen in 2020. Input and output price measures both reportedly fell. (all per RTRS).
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