We've had the official PMIs from China earlier

(much earlier ... earlier than scheduled!)

  • China - Official manufacturing PMI (November): 51.7 (expected 51.0, prior 51.2)
  • China Services PMI (November): 54.7 (prior 54.0)

Anyway, back to the Caixin Manufacturing PMI, comes in at 50.9

  • expected 51.0, prior 51.2
  • A slight miss on expected, but well under the October result

Key Points 

  • Output and new orders both expand at weaker rates than in October 
  • Firms cut their workforce numbers at slowest pace in 18 months 
  • Input costs and output charges both rise at fastest rates since early-2011

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

  • "The Caixin China General Manufacturing PMI came in at 50.9 in November, down from October's 51.2.
  • It nonetheless marked the second-highest reading in two years, indicating the manufacturing industry continued to pick up steam.
  • Index readings for both output and new orders declined, but those tracking input and output prices rose at a faster pace to hit their highest levels in five years, pointing to further intensification of inflationary pressure.
  • The Chinese economy continued to improve in November, although it lost some momentum compared to the previous month. Inventory and employment data also showed the foundation of growth is not solid yet and investors have to remain vigilant about the risk of a downturn in coming months."

(bolding mine)