Caixin China Manufacturing PMI breakdown

Prices data indicated that cost pressures remained relatively weak, with input costs rising at a historically slow pace that was the weakest in five months.

Overall new business increased for the 6th successive month, though the growth rate has slowed since last October. The softer rise in total sales was despite a renewed improvement in foreign demand.

New export orders increased for the first time since last June, albeit marginally.

Supply chain performance improved for the 3rd time in the past four months, albeit fractionally.

Firms often mentioned that suppliers had sufficient capacity to deliver orders on time.

Employment continued to decline. Cutting costs and improving efficiency remained companies’ top concerns, so the upturn in market activity failed to fully translate into new jobs. The labor market shrank in January for the 10th time in the past 11 months.