Caixin Manufacturing PMI
Event Date: Thursday, July 1, 2021
Event Time: 01:45 CET
Updated Thursday, July 1, 2021
Just like the manufacturing sector, services have been slowing in China as well. The manufacturing sector fell into contraction in December as the Caixin indicator showed and it fell even deeper. It reversed to 49.9 points in February, but that still meant contraction. Although, we saw it move to 50.8 points in February, which helped the sentiment in financial markets. In April this indicator was expected to show another increase to 51.0 points, but it fell to 50.2 points instead. In May, manufacturing was expected to get weaker and fall flat to 50.0 points as the trade war escalated, but remained unchanged at 50.2 points. However, it did fall into contraction last month to 49.4 points, missing expectations. Although, we have seen this sector improve since then and in September this indicator moved to 51.4 points, leaving contraction behind. But, for October, Caixin manufacturing PMI was expected to cool off again and decline to 51.0 points, but instead, it jumped to 51.7 points, which was a positive thing as we headed towards the Phase One deal. In November, this indicator improved further to 51.8 points, but we saw a cool off to 51.5 points in December. But, after the coronavirus outbreak in February, this indicator for to 40.3 points, which means deep contraction, but then resurfaced at 50.1 points in March. Although it fell in contraction again in April at 49.4 points. Although, this sector has been expanding since May and in November the Caixin indicator increased to 54.9 points. But slowed to 50.9 points by February, although expectations are for a slight improvement in March. It remains at 52.0 points as of May, which is way behind the West where manufacturing has been surging this year, but not in China. Please follow us for live coverage of this event by experienced market analysts.
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About Caixin Manufacturing PMI
Level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. Released monthly, on the third business day after the month ends. It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.