China’s official manufacturing purchasing manager’s index has posted a sharp increase for the month of August, contrary to consensus expectations.
The manufacturing PMI jointly produced by the China Logistics and Purchase Federation and China’s National Bureau of Statistics is 51.7 for August, for a 0.3 percentage point gain compared to the previous month.
A recent poll by Reuters produced a consensus expectation of 51.3 for August manufacturing PMI, as compared to a reading of 51.4 in July.
A PMI reading above 50 points to growth, while a reading beneath 50 signifies contraction.
Caixin/Markit, whose surveys focused more on small-to-medium sized manufacturers, will release their own PMI readings at the end of the week.