China April 2024 Official Manufacturing PMI 50.4 (expected 50.3) Services 51.2 (exp 52.2)

Today we have had data for the official PMIs. March manufacturing PMI comes in at 50.4

expected 50.3, prior 50.8

Services 51.2

expected 52.2, prior 53.0

Composite 51.7, dragged down by slower growth in both manufacturing and services

prior 52.7

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China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

The Caixin manufacturing PMI will follow in just 15 minutes time – stay tuned!

This article was written by Eamonn Sheridan at www.forexlive.com.