China PMI

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China: PMI falls to three-year low in August

September 1, 2015

The Purchasing Managers’ Index (PMI) declined from 50.0% in July to 49.7% in August, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. The print was in line with what market analysts had expected and represented the lowest print in three years. As a result, the PMI sits below the 50%-threshold that separates contraction from expansion in the manufacturing sector.

August’s reading reflected a decline in new orders, which dipped to a three-year low, and weakening production output. Inventories and unemployment deteriorated slightly in August, whereas the supplier delivery times category inched up in the same month. Although the input prices—a reliable leading indicator for consumer prices—rose in August, it remained firmly entrenched below the 50%-threshold. New export orders declined further and hit a 26-month low, reflecting the softening external demand.


Author: Ricard Torné, Head of Economic Research

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China PMI August 2015

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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