China’s Factory Activity Slows in June

A private-sector survey conducted by Caixin/S&P Global has revealed that China’s factory activity grew at a slower pace in June. This survey supports the official data released last week, which indicated a sluggish growth in the world’s second-largest economy.

The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) for June dropped to 50.5, down from 50.9 in May. Economists had predicted a reading of 50.2 for June, as per a Reuters poll. It is important to note that a reading above 50 indicates expansion, while a reading below 50 indicates contraction.

In line with this, China’s National Bureau of Statistics reported that the official manufacturing PMI for June was recorded at 49.0, compared to 48.8 in May.

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