Chine - PMI non industrielles

The Official NBS Non-Manufacturing PMI in China increased to an eight-month high of 54.4 in November 2019 from 52.8 in the prior month and above market consensus of 53.6. New orders returned to growth (51.3 vs 49.4 in October), as export sales declined at a softer rate (48.8 vs 48.1), while employment continued to fall (49.0 vs 48.2). In terms of inflation, input prices rose faster (53.2 vs 51.3) while selling prices rebounded (51.3 vs 48.9). Finally, business confidence reached its highest in eight months (61.0 vs 60.7).

The Official NBS Non-Manufacturing PMI in China unexpectedly dropped to 52.8 in October 2019 from 53.7 in the previous month and below market expectations of 53.9. The latest reading pointed to the weakest pace of expansion in the service sector since February 2016, underlining sluggish domestic demand and mounting pressure on the world's second-largest economy. There were falls in new orders (49.4 vs 50.5) and employment (48.2, the same as in September). On the price front, input cost inflation eased (51.3 vs 52.8) and output charges fell (48.9 vs 50.0). Finally, business confidence strengthened to a seven-month high (60.7 vs 59.7).

The Official NBS Non-Manufacturing PMI in China came in at 53.7 in September 2019, little-changed from the previous month's 53.8 and below market forecasts of 54.2. New orders rose at slightly faster pace (50.5 vs 50.1) despite a decline in new exports (47.3 vs 50.3), while employment continued to contract (48.2 vs 48.9). On the price front, input cost inflation picked up (52.8 vs 50.8) while output charges were flat (50.0 vs 49.1). Looking ahead, business confidence weakened from to an eight-month low (59.7 vs 60.4).

The Official NBS Non-Manufacturing PMI in China edged up to 53.8 in August 2019 from an eight-month low of 53.7 in the previous month and above market expectations of 53.6. New orders continued to grow (50.1 vs 50.4 in July), with overseas sales rising for the first time in six months (50.3 vs 48.4). At the same time, employment fell for the twelth straight month (48.9 vs 48.7). In terms of prices, input costs rose the least since last December (50.8 vs 52.9), while output charges declined again (49.1 vs 50.6). Finally, confidence strengthened to a five-month high (60.4 vs 59.8).

The Official NBS Non-Manufacturing PMI in China fell to 53.7 in July 2019, the lowest since November last year, from 54.2 in the previous month and missing market forecasts of 54.0. New order growth slowed (50.4 vs 51.5 in June), amid further declines in both overseas orders (48.4 vs 48.5) and employment (48.7 vs 48.2). In terms of prices, input costs rose the most since April (52.9 vs 51.5), while output charges increased for the first time in three months (50.6 vs 49.7). Finally, confidence weakened to a six-month low (59.8 vs 60.6).

The Official NBS Non-Manufacturing PMI in China inched lower to 54.2 in June, the lowest for six months and below market consensus of 54.5. Employment dropped for a 10th consecutive month (48.2 vs 48.3 in May) while new order growth accelerated to a three month-high (51.5 vs 50.3) despite a continued decline in foreign new orders (48.5 vs 47.9). In terms of prices, input costs rose the least since December (51.5 vs 52.2), while output charges fell for the second straight month (49.7 vs 49.9). Finally, business confidence strengthened to a thee-month high (60.6 vs 60.2).