PMI data from China, the official survey (from NBS / China Federation of Logistics and Purchasing)

Manufacturing (December): 51.4, a miss on expectations and below the November result

  • expected 51.5, prior 51.7
  • Manufacturing PMI has been in expansion since August
  • November's 51.7 was the highest in 2 years. Other data from China has also pointed to stabilisation in the economy. Eyes are on how well this will last as stimulus is scaled back & efforts to curb rapid property price appreciation are continuing to be put into effect.
  • For December, Output 53.3 (November was 53.9), New Orders 53.2 (unchanged from November's result), Employment 48.9 (down from November's 49.2), New Export Orders 50.1 (50.3)
  • By firm size, December results for Large enterprises 53.2 (down from 53.4 in November), Medium enterprises 49.6 (50.1) and Small enterprises 47.2 (47.4)

Non-manufacturing for December comes in at 54.5

  • prior 54.7 (highest since July of 2014)

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The private-sector, unofficial, PMI data from Caixin / Markit will be out later this week:

  • manufacturing on the 3rd of January at 0145GMT
  • services and composite PMIs on the 5rd of January at 0145GMT

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And, Happy New Year to all - welcome to 2017!