China's Manufacturing PMI at 49 in June... Economic Contraction for 3 Consecutive Months
China's official manufacturing Purchasing Managers' Index (PMI) fell below the baseline (50) for the third consecutive month, continuing the trend of economic contraction.
On the 30th, the National Bureau of Statistics of China announced that the manufacturing PMI for June was recorded at 49. This is a slight increase compared to the previous month (48.8), but it still remained below the baseline of 50. This marks the third consecutive month since April. It met the forecast (49.0).
By company size, the PMI for large enterprises was 50.3, up 0.3 points from the previous month, and for medium-sized enterprises, it rose 1.3 points to 48.9. On the other hand, small enterprises saw a decline of 1.5 points to 46.4 compared to May.
The PMI, compiled based on surveys of purchasing managers in companies, is an indicator showing economic trends in the relevant sector; a value above 50 indicates economic expansion, while below 50 indicates contraction.
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China's non-manufacturing PMI for June remained in expansion at 53.2 but was weaker compared to the previous month (54.5).
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