Services PMI in line with expectations at 52.5, expanding for the 16th consecutive month and a new sign of economic recovery in China.
The composite is 52.8
- before 52.7
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Caixin Services and Composites PMIs complement China’s April PMIs.
Earlier:
- China April 2024 Official manufacturing PMI 50.4 (expected 50.3) Services 51.2 (exp 52.2)
- China April Caixin manufacturing PMI 51.4 (expected 51.0)
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China has two main Purchasing Managers’ Index (PMI) surveys: the official PMI published by the National Bureau of Statistics (BES) and the Caixin China PMI published by the Caixin media company and research company Markit/S&P Global.
- The official PMI survey covers large companies and state-owned enterprises, while the Caixin PMI survey covers small and medium-sized companies. As a result, the Caixin PMI is considered a more reliable indicator of Chinese private sector performance.
- Another difference between the two surveys lies in their methodology. The Caixin PMI survey uses a larger sample of companies than the official survey.
- Despite these differences, the two surveys often provide similar results on the Chinese manufacturing sector.
This article was written by Eamonn Sheridan at www.forexlive.com.
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