China’s economic activity steadied in June, with manufacturing and services both stabilizing as the long way back from the coronavirus lockdowns continued, reported the South China Morning Post.
The official manufacturing purchasing managers’ index (PMI) for June stood at 50.9, with a reading above 50 suggesting growth in factory output. This was better than analysts’ expectations, with the median result of a Bloomberg survey predicting 50.5. It was slightly better than May’s reading of 50.6.
The PMI is a sentiment gauge, conducted through a survey of factory owners and purchasing managers. It offers an early snapshot of the state of China’s economy during the month ahead, quizzing operators on issues like hiring, export orders and inventory.
The official non-manufacturing PMI, also released by the National Bureau of Statistics on Tuesday, was 54.4 for June, up from 53.6 in May and above analysts’ expectations of 53.6. This survey takes the mood among services and construction sectors.