1 Aug 2013
Mixed data spur controversies on Chinese PMI data restrictions
FXstreet (Chicago ) - Last month, the National Bureau of Statistics restrained industry-specific data upon publication of Purchasing Manufacturing indexes.
Under the premise implying not enough resources were available to make such analysis public, the Chinese opted to suspend relevant information indicative of this year’s economic performance. As stated by the vice president of the China Federation of Logistics & Purchasing, “We now have 3,000 samples in the survey, and from a technical point of view, time is very limited — there are many industries, you know”. While Chinese provide zero point zone explanations, speculation concerning the reasons behind such measures continues to surge.
Earlier today, Markit Economics released its HSBC Manufacturing PMI for July with matched projections at 47.7 vs. previous 48.2. A decline in the manufacturing sector indicates the Asian economy is contracting as confirmed by Q2’s GDP growth at 7.5 vs. 7.7.
Regardless of results, the controversy relies on mixed conclusions that can be drawn from data as the NBS manufacturing indicator for July reached 50.3 vs. projected 49.8 and previous 50.1 on data published the same day.
Under the premise implying not enough resources were available to make such analysis public, the Chinese opted to suspend relevant information indicative of this year’s economic performance. As stated by the vice president of the China Federation of Logistics & Purchasing, “We now have 3,000 samples in the survey, and from a technical point of view, time is very limited — there are many industries, you know”. While Chinese provide zero point zone explanations, speculation concerning the reasons behind such measures continues to surge.
Earlier today, Markit Economics released its HSBC Manufacturing PMI for July with matched projections at 47.7 vs. previous 48.2. A decline in the manufacturing sector indicates the Asian economy is contracting as confirmed by Q2’s GDP growth at 7.5 vs. 7.7.
Regardless of results, the controversy relies on mixed conclusions that can be drawn from data as the NBS manufacturing indicator for July reached 50.3 vs. projected 49.8 and previous 50.1 on data published the same day.