Another terrible China PMI

Thursday 7 May 2020

Via Caixin:

Basically, because PMIs are directional not absolute indexes, and the index has never gotten back to expansionary territory above 50, what this is saying is that Chinese services activity in SMEs is still below levels we saw during the pandemic shutdown.

Hard to believe but that’s what it means.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.