China Caixin / S&P Global Manufacturing PMI for March 50.0 (51.7 expected) | Forexlive

The official and private surveys are different and provide slightly different views of the Chinese economy. There is a greater representation of large and SEO firms in the official PMIs.

Today it’s the private survey manufacturing PMI. Way below expected and prior at 50.0

• expected 51.7, prior 51.6

From the report in brief:

• External demand weakened amid a global economic downturn, with the gauge for new export orders falling back into contraction, the seventh time it was below 50 in the past eight months.
• Employment in the sector deteriorated, after rising above 50 for the first time since March 2022 in February
• Inflationary pressure remained modest
• Suppliers’ delivery times and logistics services continued to improve
• In a nutshell, the economy saw a marginal slowdown of recovery in March as the expansion in both manufacturing supply and demand significantly weakened from the previous month. Overseas demand dragged, employment worsened, inventories dropped slightly, prices remained largely stable, logistics was gradually restored to normal, and businesses were still highly confident in the economic outlook.
• The foundation for economic recovery is not yet solid. Looking forward, economic growth will still rely on a boost in domestic demand, especially an improvement in household consumption. Only by working hard to stabilize employment, increase household income, and improve market expectations, can the government reach its goal of restoring and expanding consumption

If you check out the link at the bottom of this post you’ll see a booming service number. China Beige Book is basically attributing this to government support in the property sector and other government economic support: