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Weaker Export Orders Weigh On Both Manufacturing & Services PMIs

CHINA DATA

The detail in the manufacturing PMI showed easing across most of the sub-indices. Output back to 50.7 (from 50.9), new orders to 49.4 (from 49.5). Employment ticked up slightly to 48.1, but remains close to recent lows, having not shown much improvement in 2023 to date.

  • New export orders fell more noticeably to 46.3, from 46.8. We are -0.4pts down on levels of a year ago for this index, so it isn't suggesting a sharp further slowing in y/y export growth.
  • On the prices side, trends were mixed. Input prices eased to 50.7 from 52.6, while output prices rose to 48.2, from 47.7. For both indices we are well below earlier 2023 highs.
  • On the services side, new export orders were noticeably weaker, down to 46.8 from 49.1.
  • Most other components showed modest improvement, albeit from fairly lows levels.
  • Aggregate new orders rose to 47.2 (from 46.7). Employment firmed a touch to 46.9 from 46.5.
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