China National Bureau of Statistics (NBS) June 2023 PMIs
Manufacturing 49.0
- expected 49, prior 48.8
Services 53.2
- expected 53.7, prior 54.5
Composite 52.3
- prior 52.9
more to come
Next week we’ll get the privately surveyed PMIs. That is, China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.
- The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
- Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.