China’s manufacturing softens in June amid export weakness


Growth in China’s manufacturing activity softened in June as export demand weakened and producers struggled with supply bottlenecks, a survey showed Wednesday.

The monthly purchasing managers’ index issued by the national statistics agency and an industry group declined to 50.9 from May’s 51.0 on a 100-point scale on which numbers above 50 show activity increasing.

Measures of new export orders, production and factory gate prices declined.

“The latest surveys suggest that growth softened this month,” Julian Evans-Pritchard and Sheana Yue of Capital Economics said in a report. Supply shortages “continued to hold back output in the manufacturing sector.”

China’s factory output and consumer spending have rebounded to above pre-pandemic levels but export demand is uneven as governments fight outbreaks of the new coronavirus variant.

Companies “still expect to be cautious,” economist Zhang Liqun said in a statement issued by the China Federation of Logistics & Purchasing along with the PMI reading.

An index of production declined to 51.9, down 0.8 points from May. New export orders fell by a similar margin to a one-year low of 48.1. That was offset by stronger domestic demand, which pushed up the measure of new orders by 0.2 points to 51.5.



Source link

Latest

India’s new Ministry of Cooperation: What it delivers matters more than its birth

The move puts the spotlight on the cooperatives and with a powerful leader like Amit Shah, denotes the weightage it is to receive....

DevOps Implementation: Is it Really Worth an IT Company’s Investment?

Around 77% of organizations today use DevOps to deploy software or plan soon. The main reason behind its quick adoption is the ability...

India’s gold revamp pushes on as spot trading inches closer

By Swansy Afonso and Ranjeetha PakiamIndia is moving closer toward setting up spot contracts for gold, finalizing rules for trading and providing the...

Everything you need to know about Wizkid songs

The young Nigerian who settled many new trends and initiated new records, is not only popular in Africa, but also in other countries which hold a strong music industry of their own. 

Jennifer Lopez’s ex-husband Marc Anthony, 54, marries for FOURTH time… but actress doesn’t attend

Marc Anthony counted his fourth bride on Saturday as he wed Nadia Ferreira following an eight-month engagement.The 54-year-old musician and 23-year-old former Miss...