China National Bureau of Statistics (NBS) data January PMIs
Manufacturing 49.7
- expected 49.7, prior 49.5
Non manufacturing 50.5
- expected 50.3, prior 50.3
Composite 50.7
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Background to this:
China NBS Manufacturing PMI (2025 so far)
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January 2025: 49.1 — Contracted due to seasonal factors like the Lunar New Year holiday.
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February 2025: 50.2 — Rebounded into expansion, driven by post-holiday production recovery.
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March 2025: 50.5 — Continued expansion, marking the highest reading since March 2024.
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April 2025: 49.0 — Fell back into contraction amid external pressures and a high base effect.
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May 2025: 49.5 — Slight improvement, though still in contraction territory.
China NBS Non-Manufacturing PMI (2025 so far)
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January 2025: 50.2 — Slowed from December, reflecting softer activity in services and construction.
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February 2025: 50.4 — Slight uptick, supported by a rebound in construction activity.
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March 2025: 50.8 — Accelerated expansion, driven by infrastructure spending and resilient exports.
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April 2025: 50.4 — Slight decline, indicating a modest slowdown in services and construction.
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May 2025: 50.3 — Edged down, marking the lowest level since January amid concerns over U.S. tariffs.
This article was written by Eamonn Sheridan at www.forexlive.com.