China Composite PMI Slumps Into Contraction; 2nd Lowest On Record

This evening’s small rise in HSBC’s Services PMI (from 50.7 to 51.0) was not enough to revive the Composite (Services and Manufacturing) PMI into “growth” territory. At 49.65, this is the 2nd lowest print on record (beaten only by July 2013’s 49.5 print). HSBC’s Services data has consistently been lower than China’s “official” data but this print (almost 4 points below that of the government’s survey) is the biggest divergence in 14 months.

China’s HSBC Composite PMI drops into contraction…

 

As the government’s Services PMI is the most divergent from HSBC’s in 14 months…

    



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