The official indices of purchasing managers for the Chinese economy were published this morning, revealing the first signs of the impact of pricing in prohibitive United States. The PMI for the manufacturing sector has dropped 1.5 points to 49.0, its lowest level since the end of 2023. Although the PMI for the services and construction sectors remained above the expansion threshold to 50.4, it also decreased by 0.4 points, notes the FX analyst of Commerzbank Volkmar Baur.
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“However, some of the details were more striking than the head figures. For example, export orders in the manufacturing sector fell 4.3 points to 44.7 – the lowest level from the end of the 2022 locking. Price.
“The PPI, which has been in negative territory since October 2022 and was more recently -2.5% in the year in parallel with additional risks in foreign trade.”
“The components of employment in the manufacturing and services are practically unchanged.
