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Mixed Data, Services Momentum Slows, But Manufacturing More Resilient

CHINA DATA
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China's official PMI prints for April were a mixed bag. Manufacturing stayed in expansion territory, printing at 50.4 (50.3 was forecast and 50.8 was the prior outcome). Non-manufacturing or services stayed in expansion territory at 51.2, but this was comfortably below market expectations (52.3 and the prior outcome of 53.0). The composite index is back to 51.7 from 52.7 in March.

  • The manufacturing PMI detail showed mixed details. New orders slipping to 51.1 from 53.0, but inventories also fell to 47.3. This left the new orders to inventory ratio close to unchanged for the month. The chart below overlays this series against the headline PMI index.
  • Output rose to 52.9 from 52.2. Employment was steady at 48.0, while price inputs rose. The input price measure to 54.0 from 50.5, while output prices rose to 49.1 from 47.4.
  • The Caixin manufacturing PMI rose to 51.4 from 51.1 prior (the forecast was 51.0). This is the highest print since Feb last year.

Fig 1: Headline China PMI Versus New Orders To Inventory Ratio

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China's official PMI prints for April were a mixed bag. Manufacturing stayed in expansion territory, printing at 50.4 (50.3 was forecast and 50.8 was the prior outcome). Non-manufacturing or services stayed in expansion territory at 51.2, but this was comfortably below market expectations (52.3 and the prior outcome of 53.0). The composite index is back to 51.7 from 52.7 in March.

  • The manufacturing PMI detail showed mixed details. New orders slipping to 51.1 from 53.0, but inventories also fell to 47.3. This left the new orders to inventory ratio close to unchanged for the month. The chart below overlays this series against the headline PMI index.
  • Output rose to 52.9 from 52.2. Employment was steady at 48.0, while price inputs rose. The input price measure to 54.0 from 50.5, while output prices rose to 49.1 from 47.4.
  • The Caixin manufacturing PMI rose to 51.4 from 51.1 prior (the forecast was 51.0). This is the highest print since Feb last year.

Fig 1: Headline China PMI Versus New Orders To Inventory Ratio

Keep reading...Show less