China Caixin Manufacturing PMI (February): 51.7 (vs. expected 50.8)

China Caixin (this is the private survey) Manufacturing PMI for February 51.7

• expected 50.8


• prior 51.0  

Key Points 

• New business increases at faster pace amid solid upturn in new export sales 


• Employment declines at softest rate in two years 


• Input cost inflation eases to four-month low but remains sharp

Comment, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

• "The Caixin China General Manufacturing PMI was 51.7 in February, up 0.7 points from the previous month and the joint second highest in four years.


• The output and new orders subindices rebounded from a month ago.


• Stocks of purchases returned to expansion, but stocks of finished goods continued to decline.


• It remains to be seen whether the restocking by manufacturers can be sustained.


• Input and output prices continued to rise rapidly, but at slower rates compared with the previous month.


• The Chinese manufacturing economy continued to recover in February. But it is premature to jump to the conclusion that the recovery is entrenched. The second quarter is likely a key period to look at for future trends"
  

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Earlier we had the official PMIs: 

• China manufacturing PMI (official, February): 51.6 (vs. expected 51.2) 


• China non-manufacturing PMI (official, February): 54.2 (vs. prior 54.6)

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Note, the official and private PMIs are different surveys which is why they give differing results. The official survey generally is more focused on larger firms than the Caixin survey.

China Caixin Manufacturing PMI (February): 51.7 (vs. expected 50.8)
China Caixin Manufacturing PMI (February): 51.7 (vs. expected 50.8)
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