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CN Apr Caixin Mfg PMI Rises to 51.4, vs 51 in Consensus
Recommend 1 Positive 1 Negative 3 |
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Improved domestic and external demand continued to drive up manufacturing sentiment in China during April, with the Caixin China Manufacturing PMI posting a reading of 51.4 for April 2024, 0.3 ppts higher than in March and again at a record high since March 2023. It was higher than the market expectation of 51, and reflected the accelerated pace of expansion of production and business activities in the manufacturing sector. Looking at the breakdown, supply and demand in the manufacturing sector accelerated in April, with the Industrial Production Index and New Orders Index rising to their highest levels since June 2023 and March 2023, respectively, in the expansionary range. The recovery in external demand was more pronounced, with the April New Export Orders Index achieving a high since December 2020. However, manufacturing employment did not continue to recover in line with the improvement in supply and demand, with the Employment Index turning downwards within the contractionary range in April to its lowest in almost four months. Raw Material Price Index returned to a six-month high above its threshold in April, fuelled by higher raw material prices, including for metals and crude oil. As competition was intense and companies' bargaining power remained weak, the Selling Price Index edged up in April in a contractionary range, with profitability still being squeezed. Manufacturing firms remained confident about the market outlook for the year ahead, although some were concerned about rising costs and increased competition, with the April Expectations Index falling marginally within the expansionary range to its lowest level in the year. AAStocks Financial News |
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