July PMI Slides 0.3 Percentage Points to 51.4%

China’s official Purchasing Managers’ Index (PMI) is 51.4% for the month of July, for a 0.3 percentage point decline compared to the preceding month.

When broken down by enterprise scale, large-scale enterprises posted a 52.9% PMI for an increase of 0.2 percentage points compared to the preceding month, and the second successive month of increase.

Small and medium-sized enterprises are far less sanguine than their larger peers, however, with both posting PMI’s beneath the key 50% threshold.

The PMI for China’s small-scale enterprises was 49.6% and 48.9% for medium-sized enterprises, marking declines of 0.9 percentage points and 1.2 percentage points respectively compared to the previous month.

The production indicator was 53.5% for a decline of 0.9 percentage points compared to the preceding month, pointing to slowing growth in production.

The new orders indicator was 52.8%, for a decline of 0.3 percentage points compared to month, while supplier deliveries was 50.1% for an increase of 0.2 percentage points.

The inventory levels indicator was 48.5%, for a decline of 0.1 percentage points compared to June, while the employment environment indicator was 49.2%, for a rise of 0.2 percentage points.

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