China: Manufacturing PMI increases in June, while non-manufacturing PMI falls
The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) came in at 49.0 in June, up from May’s 48.8 and in line with market expectations. As a result, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month. While indices for production and new orders rose, the indices for export orders, purchasing activity and job creation deteriorated.
The National Bureau of Statistics’ Non-Manufacturing PMI stood at 53.2 in June, down from May’s 54.5, on faster contractions in employment and export orders.
Taken together, the PMI readings suggest a tepid end to Q2, as the gains from reopening fade, and economic sentiment and external demand remain dim.