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Official NBS PMI Signals Continued Recovery in China’s Economy in July

Steel News - Published on Mon, 03 Aug 2020

Image Source: China Manufacturing
Buoyed by a construction boom, China’s economic recovery continued briskly in July. National Bureau of Statistics said that the official manufacturing purchasing managers index for July stood at 51.1, slightly better than June’s reading of 50.9. July’s production index stood at 54.0, slightly higher than June’s reading of 53.9. While July’s new order index increased by 0.3 to 51.7, new export order index stood at 48.4, up from 42.6 in the previous month. The official non-manufacturing PMI was 54.2 for July, down from 54.4 in June. In the construction sector, sparked by a building boom, sentiment rose to 60.5 from 59.8 in June, while in services it edged down slightly to 53.1 from 53.4. Composite PMI for July also decreased to 54.1 from 54.2 in last month. Both the manufacturing and non-manufacturing PMIs have now been in positive territory for five successive months, following the historic collapse in January and February that saw the manufacturing survey come in at 35.7 and non-manufacturing at 29.6.

PMI Trend 2020
MonthManufacturing PMINon Manufacturing PMIComprehensive PMI Output Index

China official Manufacturing Purchasing Managers Index provides an early indication each month of economic activities in the Chinese manufacturing sector.It is compiled by China Federation of Logistics & Purchasing and China Logistics Information Centre, based on data collected by the National Bureau of Statistics.Li & Fung Research Centre is responsible for drafting and disseminating the English PMI report. Every month questionnaires are sent to over 700 manufacturing enterprises all over China. The data presented here is compiled from the enterprises responses about their purchasing activities and supply situations. The PMI should be compared to other economic data sources when used in decision-making.

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Posted By : Yogender Pancholi on Mon, 03 Aug 2020
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