CHINA PMI MISSES
China’s official performance of manufacturing index (PMI) for January is out, and it’s a miss.
The index printed at 49.4, down from 49.7 in December and missing market expectations of a read of 49.6.
It was also the sixth month in succession that the index came in below the 50 level that separates expansion from contraction, and marked the steepest decline in activity seen since August 2012.
As the chart below reveals, the stretch of sub 50 readings is unprecedented.Business Insider Australia
Keeping with the trend established in 2015, the nation’s services sector continued to outperform, although the improvement in activity levels also cooled compared to a month earlier.
The NBS’ non-manufacturing PMI gauge fell to 53.5, down on the 54.4 level seen in December.
While activity levels continued to expand, the 0.9 point decline indicates that the pace of growth decelerated in January.Business Insider Australia
Market attention will now turn to the separate Caixin-Markit manufacturing PMI report for January that will be released at 12.45pm AEDT.
It is focused on smaller manufacturing firms, and is a private sector survey.
Read the original article on Business Insider Australia. Copyright 2016.
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