China Caixin March Manufacturing PMI 51.2 (vs. expected 51.1 and prior 50.8) ...0

51.2, highest since November, six straight months of expansion

expected 51.1 and prior 50.8

China March official Manufacturing PMI 50.5 (expected of 50.5)

In brief:

Slight job market improvement: Employment grew marginally, entering expansion for the first time since August 2023. Growth was strongest in firms making investment and intermediate goods.

Supply chain delays: Supplier delivery times lengthened slightly, especially for investment goods. Firms stocked up on raw materials, but reduced finished goods inventories.

Broader context: Economic indicators for early 2024 suggest a stable and slightly improving economy, though labour market weaknesses and deflationary pressures persist due to low domestic demand.

Policy outlook: The government is prioritising boosting consumption by focusing on employment, income growth, and financial support for households. Stronger and quicker macro policy actions are needed in 2025 to support recovery amid a challenging global environment.

This article was written by Eamonn Sheridan at www.forexlive.com.

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