We often discuss metals and their impact on China’s economy, but in the figure below the influence of metals is pronounced. Metal products decreased slightly MoM, but is still the highest at just over 4 points. In a rolling 12 month view, metals decreased from 7 to just under 5 points. We believe the decrease in metals is from stabilizing YoY prices. General machinery, transportation, and automobiles are all stable if flat. Computers & electronics increased to -1 in August, but that increase is not enough to shift the commodity into the positive.