Manufacturing growth near three-year low in June

Mainland manufacturing experienced its slowest pace of growth in nearly three years last month, the South China Morning Post reported. China’s June purchasing managers’ index (PMI), which measures manufacturing activity, fell to 52 in June, near a three year low, and down from 53.3 and 59.2 in May and April, respectively. A PMI reading of above 50 indicates manufacturing growth, while a reading below 50 indicates contraction. Higher input costs, fewer new orders and slower buying activity contributed to the decline. The PMI survey also indicated rising output prices as manufacturers pass on higher raw material costs to customers.