China Manufacturing PMI for May came in under April and missed estimates

Here is the full suite:
Manufacturing Purchasing Managers Index (PMI), 49.4

  • expected 49.9, prior was 50.1

Non -manufacturing (services) Purchasing Managers Index (PMI), 54.3

  • expected 54.3, prior was 54.3

Composite Purchasing Managers Index (PMI), 53.3

  • prior was 53.4

On the manufacturing PMI, not only did it come in a sharp drop on the month and below the central estimate, it also came in below all estimates (from the Bloomberg survey). Its a terrible result.

The PMI data leaked out early:
Some of the detail from the manufacturing PMI :
  • Output 51.7 (vs. 52.1 in April)
  • New Orders 49.8 (51.4)
  • New Export Orders 46.5 (49.2)
  • Order Backlog 44.3 (44.0)
  • Finished Goods Inventories 48.1 (46.5)
  • Input Prices 51.8 (53.1)
  • Output Prices 49.0 (52.0)
  • Employment 47.0 (Apr 47.2)