China’s manufacturing sector contracts for 2nd month
In June, China’s manufacturing sector contracted for the second consecutive month, with the official purchasing managers index remaining at 49.5, unchanged from May and below the 50-point threshold indicating growth. Production and new orders sub-indexes also showed slight declines. Meanwhile, the non-manufacturing sector expanded at a slower pace, with the non-manufacturing PMI dropping to 50.5 from 51.1 in May. Overall, China’s composite PMI, including both sectors, decreased from 51 in May to 50.5 in June. Despite manufacturers’ strong optimism, indicating confidence in future production, the National Bureau of Statistics highlighted the need for strengthened foundations in the economy’s recovery and improvement.