3 May 2016
China: Caixin manufacturing PMI weaker than expected - BBH
Research Team at BBH, notes that the China's Caixin manufacturing PMI for April was a touch weaker than expected at 49.4.
Key Quotes
“March's 49.7 was a 13-month high. It does not seem like there is much new information here. The Caixin survey picks up more small and medium businesses than the government's measure. During this phase of slowing, small business is having a more difficult time of things.
The government's estimate (50.1 from 50.2) reflected some slowing, but giving the imprecision of such metrics, it supports ideas that the economy is stabilizing with the help of a continued strong expansion of credit.”
Key Quotes
“March's 49.7 was a 13-month high. It does not seem like there is much new information here. The Caixin survey picks up more small and medium businesses than the government's measure. During this phase of slowing, small business is having a more difficult time of things.
The government's estimate (50.1 from 50.2) reflected some slowing, but giving the imprecision of such metrics, it supports ideas that the economy is stabilizing with the help of a continued strong expansion of credit.”