PMIs Suggest Input Price Pressure Still Evident At Manufacturers

A quick look at the details of June's official Chinese PMI surveys reveals evidence that upward price pressures have slowed a little, although a notable degree of upward pressure remains on the input side of the ledger at manufacturers. Manufacturing firms are still seemingly unable to pass through a fair portion of the increased input costs they are facing. The manufacturing input price metric printed at 61.2 (prev. 72.8), while the output price metric printed at 51.4 (prev. 60.6). The non-manufacturing survey's prices charged component also revealed a slightly slower rate of expansion, printing at 51.4 (prev. 52.8). Employment remained in contractionary territory in both the manufacturing and non-manufacturing surveys, with the latter not registering an expansionary print in the employment component since '18.