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China PMI August 2020

China: Manufacturing PMI inches down in August

The manufacturing Purchasing Managers’ Index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) fell slightly from 51.1% in July to 51.0% in August. The print was a notch below the 50.2% expected by market analysts. As a result, the index remained above the 50.0% threshold that separates expansion from contraction in the manufacturing sector.

August’s decrease was the result of lower readings for output and inventories. Conversely, new orders and job prospects gained some ground, while the supplier delivery time index was unchanged compared to the previous month. Despite remaining below the 50% threshold, export orders increased again in August, reflecting the easing of the global lockdown. Meanwhile, input prices—a reliable leading indicator for producer inflation—jumped to a nearly two-year high.

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