MNI China Daily Summary: Monday, January 6

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MNI: GERMANY FINAL DEC SRVCS PMI 51.2 (FLASH 51.0); NOV 49.3

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CANADA DATA: Manufacturing PMI Sees Firmer Price Pressures

CANADA DATA
  • The S&P Global mfg PMI climbed back to 49.5 in August to reverse a slide to 47.8 in July after three months before that at 49.3-49.4.
  • It leaves it technically at its highest since March but with the index last above 50 back in April 2023.
  • The press release notes ocean freight shipping delays and "input cost inflation accelerated to its sharpest since April 2023, helping to drive the steepest increase in output charges for nine months."
  • Going against the improvement in the overall index, "The lack of incoming new work and reduced production requirements meant firms cut their staffing levels for the second time in the past three months. The decline was also the steepest in 2024 so far, with reports of the nonreplacement of leavers and some concerns about the economic outlook leaving firms reticent to hire new workers. "
  • Full S&P Global PMI press release here. 
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