China PMI May 2016


Manufacturing PMI steady in May

The Purchasing Managers’ Index (PMI) in May remained at last month’s 50.1%, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. The print overshot the 49.9% that market analysts had expected. As a result, the PMI is sitting barely above the 50%-threshold that separates contraction from expansion in the manufacturing sector.

May’s reading reflected a sizeable deterioration in new orders. The remainder of the main components of the index gained ground compared to the previous month, with job conditions reaching a one-year high. Input prices—a reliable leading indicator for consumer prices—remained comfortably above the 50%-mark, suggesting that inflationary pressures are gradually increasing. New export orders declined in May to neutral, signaling that global demand is still weak.

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China PMI Chart

China PMI May 2016

Note: Purchasing Managers’ Index. Readings above 50% indicate an expansion in the manufacturing sector while readings below 50% indicate a contraction.
Source: National Bureau of Statistics of China (NBS) and the China Federation of Logistics and Purchasing (CFLP).

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