After the slight disappointment of the Chinese NBS manufacturing data on Saturday morning, which printed 50.8, this morning saw the release of yet another slightly softer piece of economic news with the release of the China Federation of Logistics and Purchasing’s (CFLP) non-manufacturing PMI printing 53.8 from last month’s 54.
It’s not a great number but the CFLP’s vice-president Cai Jin said that “although non-manufacturing business activity index pulled back slightly” it is still in fairly good shape and he is hopeful of signs of a positive future are “further demonstrated.”
Cai Jin said retail was showing good growth but somewhat concerning though is that the employment index fell to 49.8 from 50.4 previously. A reading below 50 indicates contraction.
HSBC October Manufacturing PMI is up next at 12.45pm AEDT.