|Composite - Level||51.9||50.3|
|Services - Level||51.7||52.7|
The July Caixin China Composite PMI rose from 50.3 in June to 51.9 in July, to signal the fastest rate of growth since September 2014. The renewed upswing in overall growth momentum was partly driven by the first increase in manufacturing output for four months, while services activity continued to expand in July. However, the rate of services activity growth slowed since June and was moderate overall. The Caixin China General Services Business Activity Index slid from an 11-month high of 52.7 in June to 51.7 in July.
Increased manufacturing production was generally linked to new product launches and improved marketing strategies. Notably, July marked the first increase in new work placed at goods producers since March. Meanwhile, services activity growth was widely linked by panelists to new client wins. However, in line with the trend for activity, latest data pointed to a slowdown in the rate of new order growth at services companies. Nonetheless, the renewed upturn at manufacturers led to the fastest rise in composite new orders since February 2015.
The Caixin China Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.
The Caixin China Composite PMI is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, and is based on original survey data collected from a representative panel of over 800 companies based in the Chinese manufacturing and service sectors.
The PMIs have developed an outstanding reputation for providing the most up-to-date possible indication of what is really happening in the private sector economy by tracking variables such as sales, employment, inventories and prices. The indexes are widely used by businesses, governments and economic analysts in financial institutions to help better understand business conditions and guide corporate and investment strategy. In particular, central banks in many countries use the data to help make interest rate decisions. PMI surveys are the first indicators of economic conditions published each month and are therefore available well ahead of comparable data produced by government bodies.
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