City skyline in China

China PMI January 2024

China: Manufacturing and non-manufacturing PMIs improve in January

The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) rose to 49.2 in January from December’s 49.0, matching market expectations. Consequently, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month. The headline print reflected improvements in the readings for output and new orders.

The National Bureau of Statistics’ non-Manufacturing PMI came in at 50.7 in January, up from December’s 50.4 and slightly above market expectations. This was the result of strong services activity more than offsetting a slowdown in construction. Services activity likely benefited from New Year’s holiday spending, while construction slowed as the boost from Q4’s extra government bond issuance faded.

On the data, Nomura analysts said:

“The January PMIs point to a lackluster picture of a continued manufacturing contraction, roughly flat services and slowing construction, which is largely consistent with our view from mid-October of another economic dip, following a brief stabilization in August-September last year.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest