China’s manufacturing PMI report for June has just been released, and it’s come in slightly below expectations.
According to the National Bureau of Statistics the gauge held steady at 50.2, slightly below the median market forecast for an increase to 50.3.
A PMI reading above 50 indicates activity across the sector is expanding.
According to Reuters the subindex for new orders – a proxy for domestic and foreign demand – fell to 50.1 from 50.6 with new export orders sliding to 48.2 from 48.9 in May. Elsewhere the employment sub-index inched down to 48.1 from 48.2.
While the manufacturing report disappointed, that for services sectors did not, with the separate non-manufacturing PMI gauge rising to 53.8 from 53.2 in May. The increase snapped a three-month deceleration in activity and was the highest level seen since February 2015.