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Caixin Services PMI - Chinese business activity expands modestly in May
The Caixin China Composite PMI™ data (which covers both manufacturing and services) showed that business activity in China rose for the thirty-ninth month running in May. The rate of expansion was moderate overall, as signalled by the Composite Output Index edging down from 52.7 in April to a three-month low of 51.5. The lower headline index reading was partly driven by a softer increase in service sector activity. The seasonally adjusted Chinese Services Business Activity Index fell from April’s recent high of 54.5 to a three-month low of 52.7 in May. Nonetheless, the reading was consistent with a strong rise in ... (full story)
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China Services PMI Plunges As Output Expectations Hit 7 Year Lows
With Chinese macro continuing its serial disappointment (absent the record liquidity-injection rebound in April), expectations were for Caixin PMI Services data to slow in May (after its exuberant rebound) echoing the demise seen in Chinese manufacturing. China's official manufacturing PMI tumbled into contraction (and Caixin was flat just above contraction) in May. China's official services PMI was flat from April but Caixin data plunged from 54.5 to 52.7 (well below the 54.0 drop expected). Commenting on the China General Services PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group ... (full story)