China’s Non-Manufacturing PMI Hits 50.0: The Economy’s Version of “Meh”
Ah yes, China’s latest non-manufacturing PMI reading—a perfect 50.0. Neither good, nor bad. Neither expansion, nor contraction. Just one giant economic shrug. It’s as if the world’s second-largest economy looked at September and said, “Yeah, we showed up. Don’t expect applause.” But behind that tidy number lies a far messier reality. Construction workers are still pounding away at half-empty skyscrapers, service industries are trying to figure out if anyone actually has disposable income, and policymakers in Beijing are busy inventing slogans like “dual circulation” instead of real solutions. So let’s peel back this onion of mediocrity—layer by layer—and enjoy a few tears of laughter at the absurdity. I. PMI 101: Or, Why Economists Love Arbitrary Numbers For those who aren’t fluent in Econ-ese, here’s the refresher: PMI > 50 = expansion. Cue confetti and cautious optimism. PMI < 50 = contraction. Cue doom headlines and emergency liquidity injections. PMI = 50 exac...