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PMI Monthly (May 2017)

PMI stays unchanged at 51.2 in May Output, New Orders, New Export Orders, Purchases of Inputs, Expanding. Stocks of Finished Goods, Stocks of Major Inputs, Backlogs of Orders, Contracting. Imports, Staying Unchanged. Input Prices, Ex-factory Prices, Falling Suppliers’ Delivery, Faster. Business Expectations, Optimistic.


China’s manufacturing PMI stayed unchanged at 51.2 in May, compared to April. The latest reading indicates that the growth in the manufacturing sector in China has stabilized recently.

7 of the 13 sub-indices were lower than their respective levels in the previous month, while 5 sub-indices were higher than their respective levels in the previous month. The new orders index was 52.3 in May, the same as in April. The May reading indicates that the new orders have maintained stable growth recently.1 However, the output index went down to 53.4 in May, falling for two consecutive months. The downtrend suggests a continuous deceleration in output growth. Meanwhile, for the first time since February last year, the input prices index fell below the critical 50-mark, registering 49.5 in May. The latest reading indicates a drop in prices of production inputs. Against this backdrop, the ex-factory prices index remained below 50 in May.

By size of enterprises, the PMI of ‘large enterprises’ came in at 51.2 in May, down from 52.0 in April. The PMI of ‘medium enterprises’ rose to 51.3 in May from 50.2 in April, while the PMI of ‘small enterprises’ went up to 51.0 in May from 50.0 in April. The output index was 53.4 in May, down from 53.8 in April.

The output index of ‘large enterprises’ fell to 53.3 in May from 55.0 in April; the output index of ‘medium enterprises’ was 54.3 in May, up from 51.9 in April; the output index of ‘small enterprises’ rose to 52.3 in May from 50.3 in April.

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Content provided by Fung Business Intelligence
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