China PMI January 2019


China: Manufacturing sector contracts again in January

January 31, 2019

The manufacturing purchasing managers’ index (PMI) published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP) inched up from 49.4% in December to 49.5% in January. Although the print overshot the 49.3% expected by market analysts, this represents the second consecutive month in which the index lies below the 50.0% threshold that separates expansion from contraction in the manufacturing sector.

January’s reading reflected a slight increase in output, while new orders dipped to an over two-year low. Although export orders—a proxy for global demand—improved in January, it remained below the 50.0%-mark for the eight-consecutive month. Subdued manufacturing books prompted job creation to decline in January. Inventories of raw materials improved in January, whereas the supplier delivery time sub-index declined slightly. Input prices—a reliable leading indicator for inflation—partially recovered from the large decline in December when a fall in oil prices dragged on the sub-index.


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China PMI Chart

China PMI January 2019

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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