China National Bureau of Statistics (NBS) data January PMIs
Manufacturing disappoints at 49.1
- expected 50.1, prior 50.1
Non manufacturing slumps to 50.2
- prior 52.2
Composite 50.1
- prior 52.2
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Background to this is that from July to December 2024 (ie H2 2024), China’s manufacturing sector experienced fluctuations, moving from contraction to modest expansion, while the non-manufacturing sector showed a similar pattern, culminating in a significant rebound in December.
Manufacturing PMI:
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July 2024: The manufacturing PMI stood at 49.4, a slight decrease of 0.1 from June, indicating a marginal contraction in manufacturing activity.
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August 2024: The index declined further to 49.1, suggesting a continued contraction in the manufacturing sector.
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September 2024: The PMI improved to 49.8, approaching the expansion threshold but still indicating a slight contraction.
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October 2024: The index reached 50.1, crossing into expansion territory, reflecting a modest recovery in manufacturing activity.
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November 2024: The PMI increased to 50.3, marking the highest reading since April and indicating a continued expansion in the manufacturing sector.
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December 2024: The index slightly decreased to 50.1%, maintaining its position above the threshold, thus indicating ongoing, albeit modest, expansion.
Non-Manufacturing PMI:
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July 2024: The non-manufacturing PMI was at 50.2, a decrease of 0.3 from June, indicating marginal expansion in the non-manufacturing sector.
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August 2024: The index declined to 49.6, signaling a contraction in non-manufacturing activities.
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September 2024: The PMI rebounded to 50.9, returning to expansion territory.
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October 2024: The index decreased to 50.6, indicating a slower pace of expansion.
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November 2024: The PMI further declined to 50.0, suggesting stagnation in non-manufacturing activities.
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December 2024: The index rose to 52.2, reflecting a notable recovery and expansion in the non-manufacturing sector.