中国 - 景況感

The Official NBS Manufacturing PMI in China rose to 50.2 in November 2019 from 49.3 in the previous month, beating market expectations of 49.5 and pointing to the first month of expansion in factory activity since April. Output increased the most in eight months (52.6 vs 50.8 in October) and new orders returned to growth (51.3 vs 49.6) as overseas sales fell at a softer pace (48.8 vs 47.0). On the other hand, employment continued to decline (PMI unchanged at 47.3). On the price front, input price dropped for the first time in three months (49.0 vs 50.4) and selling prices decreased for the seventh month in a row (47.3 vs 48.0). Looking ahead, sentiment strengthened to a seven-month high (54.9 vs 54.2).

The Official NBS Manufacturing PMI in China fell to 49.3 in October 2019 from the previous month's 49.8 and below market expectations of 49.8. This marked the sixth straight month of contraction in factory activity, amid ongoing trade row with the US and sluggish domestic demand. New orders fell (49.6 vs 50.5 in September) led by the 17th straight month of decline in overseas sales (47 vs 48.2), and employment continued to drop (47.3 vs 47.0). In addition, output grew the least since a contraction in February (50.8 vs 52.3). On the price front, input prices rose at a slower rate (50.4 vs 52.2), while output charges fell further (48.0 vs 49.9). Looking ahead, business sentiment softened from September's four-month high (54.2 vs 54.4).

The Official NBS Manufacturing PMI in China rose to 49.8 in September 2019 from 49.5 in the previous month and above market expectations of 49.5. Still, the latest reading pointed to the fifth straight month of contraction in the manufacturing sector, amid ongoing trade row with the US and sluggish domestic demand. Employment continued to contract (47.0 vs 46.9 in August) while new orders rebounded (50.5 vs 49.7) despite a 16th straight month of decline in export sales (48.2 vs 47.2). In addition, factory activity grew the most in six months (52.3 vs 51.9) and suppliers' delivery time rose the most in four months (50.5 vs 50.3), while stocks of finished products fell further (47.6 vs 47.5). Looking ahead, business sentiment strengthened to a four-month high (54.4 vs 53.3).

The Official NBS Manufacturing PMI in China dropped to 49.5 in August 2019 from 49.7 in the previous month and below market expectations of 49.7. The latest reading pointed to the fourth straight month of contraction in factory activity, amid growing trade frictions with the US and sluggish domestic demand. There were falls in new orders (49.7 vs 49.8 in July) and employment (46.9 vs 47.1), while output growth slowed (51.9 vs 52.1). Export orders were down for the 15th straight month (47.2 vs 46.9) while buying level declined at the steepest rate since February (49.3 vs 50.4). On the price front, input prices dropped the most in seven months (48.6 vs 50.7), while output charges fell for the fourth month in a row (46.7 vs 46.9). Looking ahead, business sentiment weakened to its lowest since January (53.3 vs 53.6).

The Official NBS Manufacturing PMI in China rose to 49.7 in July 2019 from 49.4 in the previous month and compared to market expectations of 49.6. The latest reading pointed to the third straight month of decline in factory activity, suggesting there will be more stimulus from the government to support the economy. Softer declines were recorded for new orders (49.8 vs 49.6 in June), export sales (46.9 vs 46.3) and employment (47.1 vs 46.9), while output expanded the most in three months (52.1 vs 51.3). Also, buying level returned to growth following a drop a month earlier (50.4 vs 49.7). On the price front, input prices rebounded (50.7 vs 49.0), while output charge deflation eased (46.9 vs 45.5). Looking ahead, business sentiment strengthened a bit from June's five-month low (53.6 vs 53.4).

The Official NBS Manufacturing PMI in China was unchanged at 49.4 in June 2019, missing market expectations of 49.5 and pointing to the second straight month of contraction in manufacturing activity, amid declines in new orders (49.6 vs 49.8 in May), new export orders (46.3 vs 46.5) and employment (46.9 vs 47.0). Also, buying levels dropped for the first time in four months (49.7 vs 50.5) while output growth slowed (51.3 vs 51.7). On the price front, input prices decreased for the first time since January (49.0 vs 51.8), while output charges fell for the second month in a row (45.4 vs 49.0). Looking ahead, business sentiment weakened to its lowest since January.