China: Slippage in December PMI numbers - BBH

Research Team at BBH notes that China's official December PMIs were reported and both the manufacturing and non-manufacturing slipped. 

Key Quotes

“The former eased to 51.4 from 51.7 and the latter to 54.5 from 54.7.  The details of the non-manufacturing were a bit better than the headline, though the services component fell to 53.2 from 53.7.  The construction component rose to 61.9 from 60.4.  Also suggesting modest growth, new orders rose to 52.1 from 51.8.  Today, the Caixin manufacturing PMI was reported at 51.9 vs. expectations of a steady reading of 50.9.”