August Results of Chinese Sales Managers Survey

Chinese Manufacturing Sector problems close to outweighing growth in Services
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Updated: August 19, 2024

The difference between the Chinese Services and Manufacturing sectors performance continued to remain in evidence in August. The (larger) Services sector is continuing to grow, whereas the Manufacturing sector edged deeper into negative territory. The latest August Sales Managers Survey shows while that the Chinese economy as a whole is continuing to grow, albeit rather more slowly than in the pre Covid era, problems in the Manufacturing sector remain significant and are causing a dip in overall economic growth.

China Headline Sales Managers Index (Manufacturing & Services) Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)

The Services sector continues to provide growth momentum, although even here, Business Confidence levels have fallen significantly, and no longer reflect high levels of confidence in the remainder of the third and fourth quarters. Overall a question mark has arisen over whether growth in the services sector can continue to propel the Chinese economy to its previously healthy levels of economic growth, given the drag of the less than buoyant Manufacturing sector.

There is no doubt that the Manufacturing sector of the Chinese economy remains subdued. The August reading of the Sales Managers Index for Manufacturing remained well below the 50 "no growth" line in August. There is little encouraging information to be found in the August numbers for the manufacturing sector.

Readers must now have a significantly optimistic disposition before they can start to believe that the world's great growth engine of the past few decades is moving back towards its previously central role in sponsoring global growth.


Sales Managers Index Components: All-Sectors



0 0 0 China|#0A66C2|56.8, 55.9, 55, 54.7, 54.4, 52.8, 52.7, 51.9, 52.1, 51.2, 51.1, 50.7, 51.1, 50.7, 51.3, 51.5, 51.1, 50.7, 50.8, 50.7, 50.7, 51, 51, 50.8, 51.3, 51.4, 50.4, 50.1, 51.1, 52.1, 51.1, 50.3, 50.6, 51.4, 50.5, 51.6, 51.8, 52.4, 51.3, 51.3, 51.1, 50.4, 50.1, 49.7, 50.1, 50.4, 50.3, 50.3, 50.7, 51.5, 51, 50.7, 50.6, 50.3, 50, 50.9, 51.8, 49.9, 50.7, 51.3, 49.4, 51.1, 51.2, 51.6, 51.6, 52.8, 53.3, 52.2, 53.7, 54.1, 52.9, 53.3, 52.4, 53.1, 53, 52.9, 52.8, 54.8, 53.9, 53.7, 54, 52.7, 53.3, 53.5, 53.7, 53.5, 50.6, 51.3, 50.7, 51.2, 50.7, 50.2, 50.2, 51.8, 48.1, 49.3, 51.9, 53, 52.2, 52.1, 50.6, 48.6, 50.7, 50.9, 51.8, 51.8, 52.1, 51.3, 51.9, 51.2, 51.5, 52, 51.1, 51.5, 50.5 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence

50.5
August 2024
Business Confidence grew at a slower pace in August. The Business Confidence Index measures the level of optimism/pessimism among sales managers for future conditions.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|54.2, 53.8, 53.6, 53.2, 52.1, 51.4, 50.9, 50.9, 52.9, 52.8, 53.1, 51.8, 53, 52.3, 52.3, 52.6, 51.4, 52.1, 50.8, 51.6, 51.4, 51.4, 51.9, 52.1, 52.5, 52.9, 52, 50.9, 53.7, 53.3, 52.5, 51.6, 51.9, 51.5, 51.9, 51.7, 51.7, 52, 51.5, 51.6, 51.2, 50.4, 50.4, 50.5, 50, 49.9, 50.4, 50.4, 50.2, 50.4, 50.4, 50, 50.4, 49.7, 49.4, 48.9, 48.9, 47.2, 47.4, 48, 44.7, 46.6, 44.3, 47.2, 46.5, 46.9, 47.8, 48.5, 49.1, 49.6, 49.5, 50.7, 51.1, 51, 51.9, 51.5, 51.8, 52.5, 52.8, 51.8, 51.3, 50, 50.5, 50.9, 50.4, 49.7, 46, 45.6, 46.6, 47.3, 47.4, 47.4, 46.3, 47.6, 44.4, 46.1, 48, 49.5, 50.4, 49.6, 49.3, 47.2, 47.6, 48.9, 48.7, 49.7, 49.2, 50.5, 49.1, 49, 49.1, 48.9, 48.8, 48.8, 49.1 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth

49.1
August 2024
The Market Growth Index fell in August but at a slower pace. The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|55.9, 56.3, 57.7, 56.5, 55.9, 54.7, 54.3, 54.5, 55, 53.6, 54.1, 53.6, 52.6, 53.4, 52.7, 54.3, 53.7, 53.9, 52.7, 52.8, 52.8, 52.6, 53.8, 53.8, 54.1, 54.5, 54.8, 54.8, 56.1, 56.6, 56.1, 54.8, 54.7, 53.5, 55.8, 55.9, 54.7, 55.6, 54.7, 55.1, 54.6, 54.6, 54.7, 53.6, 53.1, 53.8, 53.3, 51.9, 51, 51.7, 52, 52.4, 52.2, 53.4, 52.5, 51.7, 53.9, 51.6, 50.8, 51.3, 44.3, 51, 48.2, 50.2, 50.8, 51.2, 51.1, 51.8, 52.7, 52.9, 55.4, 54.9, 52.3, 54.8, 54.4, 52.7, 53.7, 55.8, 56.2, 55.4, 54.8, 52, 53.2, 51.8, 54.1, 53.5, 50.7, 51.8, 51.7, 50.4, 50.8, 49.7, 51, 50.8, 50, 52.1, 54.6, 54.6, 52.7, 52.7, 50.6, 50.1, 52.2, 53.1, 51.5, 53.7, 53.2, 53.4, 53.1, 52.8, 55.4, 53.3, 53.8, 52.7, 52.8 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth

52.8
August 2024
The Sales Growth Index grew at a faster pace in August. The Sales Growth Index defines the speed and direction of overall sales of goods and services (current month from previous month).
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|47.9, 48.8, 48.8, 48.6, 48.1, 47.4, 47.4, 47.8, 49.1, 48.5, 48.9, 48.7, 48.9, 49.8, 49.9, 50.9, 50.1, 50.1, 50.2, 50.5, 50.5, 50.2, 51, 50.8, 51.5, 51.4, 51.4, 51.6, 51.5, 52, 52.1, 52, 51.8, 51.3, 51.8, 52.6, 51.7, 53, 51, 50.9, 52.1, 52.9, 53.3, 53, 53.5, 53.8, 53.4, 51.8, 52, 51.7, 51.2, 53.3, 53.3, 51.4, 52, 51.8, 53.9, 51.2, 51, 50.6, 48.2, 51.2, 47.3, 48.7, 48, 49.1, 48.9, 47.8, 49.1, 49.2, 49.2, 49.8, 49.4, 47.9, 48.4, 49.6, 56.6, 53.5, 51.8, 53.7, 55, 56.2, 53.4, 51.3, 51.4, 52.4, 50.5, 53.1, 52, 51, 47.6, 48.2, 48.7, 50.1, 47.6, 50.2, 48.8, 47.9, 49.2, 47.7, 48.5, 47.5, 47.9, 50.9, 50.6, 48.9, 50, 50.2, 50.1, 47.4, 50.3, 49.6, 49.6, 48.3, 49.6 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged

49.6
August 2024
Prices fell at a slower rate in August. The Prices Charged Index measures the speed and direction of changes in the current price of goods and services taking into account any discounts offered.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|51.6, 52.8, 52.1, 51.9, 51.1, 51.3, 51.1, 51.5, 51.6, 50.4, 50.5, 50, 50.4, 50.5, 50.9, 51.3, 50.9, 51, 51.2, 50.8, 50.5, 50.2, 50.8, 50.1, 50.7, 51, 50.1, 50.6, 50, 49.9, 50, 50, 50.3, 49.7, 50.2, 50.7, 49.5, 49.9, 49.9, 50.2, 50.1, 50.3, 50.2, 49.7, 49.6, 49.6, 49.5, 49.1, 49.6, 49.5, 49.6, 49.9, 49.4, 49.4, 48.8, 49, 49.8, 49.3, 49.8, 50.1, 47.3, 49.1, 47.1, 46.6, 47.4, 48.3, 49.2, 49.4, 50.7, 51.5, 50.1, 51.1, 51.9, 51.6, 51.3, 50.5, 50.7, 53, 51.9, 51.5, 51.5, 50.6, 50.8, 49.9, 50.9, 49.9, 49.5, 48.4, 49.2, 49.9, 46.8, 47.1, 48.5, 49.1, 47.8, 50, 49.9, 50.3, 50.3, 49.8, 49.7, 48, 49.2, 48.3, 48.6, 50.2, 49.8, 50.1, 50.7, 48.3, 50, 49.2, 49.2, 51, 49.7 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels

49.7
August 2024
The Staffing Levels Index moved below the 'no growth' line in August. The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
Find out more about SMI Diffusion Indexes
0 0 0 China|#0A66C2|48.4, 49.3, 49.1, 49.6, 49, 49, 48.5, 48.1, 48.4, 50.8, 50.6, 50.7, 50.4, 51, 49.7, 49.8, 49.6, 50.1, 49.8, 49.4, 49.4, 48.8, 49.7, 50.8, 51.1, 51.7, 51.3, 50.6, 49.6, 50.3, 50.6, 49.5, 48.3, 49.3, 49.2, 49.6, 50.1, 49, 49.4, 49.2, 48.9, 48.3, 48.3, 49.2, 49.6, 49.6, 50, 50.6, 43.8, 47.4, 45.7, 47.7, 48.3, 49.6, 49.7, 50.3, 51.2, 52.1, 52.8, 52.7, 51.1, 51, 51.4, 51.7, 51.4, 53.1, 52, 51.5, 49.3, 48.9, 50.1, 50.8, 51.4, 50.9, 48.4, 48.5, 50, 50.7, 50, 48.3, 48.7, 50.4, 48.9, 50.6, 50.9, 50.1, 49.5, 49.4, 47.8, 47.6, 48, 47.9, 48.2, 49.5, 50, 49.5, 49.2, 48.7, 50.2, 50.2, 49.7, 48.8, 48.7 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Profit Margins

48.7
August 2024
Profit Margins fell in August.
Find out more about SMI Diffusion Indexes




About the Sales Managers Indexes

The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.

The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.

Key advantages of the SMI's:

  • The SMI's provide the first indication each month of the speed and direction of economic growth.
  • The SMI's provide the most complete indication of growth, covering all private sector activity.
  • The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
  • The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
  • The SMI's focus on the key countries contributing to over 60% of China growth in recent years.






About the Data

SMI data for China is published as diffusion indexes to gauge the speed and direction of economic activity.

Monthly data since 2013 is downloadable for all-sectors, manufacturing and service sectors separatly in a consistent unadjusted format for 7 key indexes: