3/30/2023 0 Comments Devslopes mark price testimonial![]() Demand, especially in the United States and Europe, has shifted from goods to services and high inflation has eroded purchasing power. ![]() Some of the manufacturing weakness could be attributed to the fall in demand in China’s main export markets after the highs of 20. The official manufacturing PMI reading was 50.1, while the Markit reading (which gives greater weight to private firms and exporters) remained just under 50 points (49.2). Unlike the service sector, readings for manufacturing PMIs in January were close to neutral. Even so, this year’s travel numbers came nowhere near the pre-pandemic levels of nearly 85 million people a day travelling during and around the holiday week. During the previous two pandemic years, daily travel remained well below 30 million. After a two-year break, this year’s holiday season saw daily intercity travel climb to around 45 million people. In the week preceding and week after New Year’s Day, China traditionally sees massive internal movement as people travel to their home villages and other cities to see friends and family. This year’s Lunar New Year fell on January 21. Sources: Macromill, China Federation of Logistics & Purchasing, Markit, Macrobond and BOFIT. Daily metro ridership in many large cities has already returned to pre-pandemic levels.Ĭhinese consumer confidence was up in late January The improvement in consumer confidence about current and future conditions was obvious by late January, even if no historically sharp rises in confidence were detected. The reading for China’s official services PMI was 54.4, and the Markit services PMI reading was 52.9. The January readings of the official and Markit services purchasing manager indices were both well above the neutral 50-point mark. Inklings of rising consumer confidence and a revival in private consumption are already evident. Thus, data on the wider effects of re-opening the Chinese economy after years of lockdowns on retail sales, industrial output, exports and imports, will only become available in March. China combines its monthly data for the first two months of the year to overcome some of the huge variability caused by the Lunar New Year holiday week, which takes place sometime in late January to early February depending on the year. Because China releases most of its economic data for January and February as a single package next month, trends can only be implicated from morsels of January data. It has been about two months since China abandoned it strict zero-covid suppression policies.
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