China Manufacturing PMI Ticks Higher In June - Caixin
2024-06-30
3715
(fxcue news) - The manufacturing sector in China continued to expand in June, and at a faster pace, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 51.8.
That's up from 51.7 in May, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Manufacturing output expanded at the quickest pace in two years, with firms in the consumer segment once again recording especially sharp output growth in June. This was driven by higher new work inflows, attributed to new product launches and market development efforts by manufacturers. Export orders also continued to rise, though both the rates of new and export order books growth declined from May.
The rise in new work intakes nevertheless led to a fourth successive month of backlog accumulation. Some manufacturers opted to raise their staffing levels, though offset by redundancies and resignations at other firms. Overall, employment was subsequently close to stabilization in June.
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