China June PMIs: Manufacturing 49.0 (expected 49.0) & Services 53.2 (expected 53.7)

<p>China National Bureau of Statistics (NBS) June 2023 PMIs</p><p>Manufacturing 49.0</p><ul><li>expected 49, prior 48.8</li><li>12 industries out of 21 showed expansion in their PMI, 4 more than in May</li></ul><p>Services 53.2</p><ul><li>expected 53.7, prior 54.5</li></ul><p>Composite 52.3</p><ul><li>prior 52.9</li></ul><p>Manufacturing PMI in contraction for the third straight month. Services just a little lower on the month but well into expansion still. </p><p>—</p><p>Next week we'll get the privately surveyed PMIs. That is, China has two primary Purchasing Managers' Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&amp;P Global.</p><ul><li>The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.</li><li>Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China's manufacturing sector.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.