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Financial News: China's Manufacturing Activity Recovers In June

China's Manufacturing Activity Recovers In June

07/03/2017 - 00:50:00 (RTTNews)

(RTTNews) - China's manufacturing activity recovered in June with firms reporting slightly stronger increases in production and new orders.

The Caixin Purchasing Managers' Index rose to 50.4 in June from 49.6 in May, survey results from IHS Markit showed Monday. The reading was expected to fall to 49.8. A score above 50 indicates expansion.

Although only marginal, new orders increased at the fastest pace in three months. As a result, production rose at a slightly faster rate in June.

Job creation decreased further in June. That said, the rate of job shedding eased to a modest pace that was the weakest since March.

After a decline in May, purchasing activity increased slightly at the end of the second quarter. However, companies adopted relatively cautious attitudes towards their inventories.

Input costs as well as output charges increased at the end of the second quarter. That said, the rates of inflation were much slower than seen at the beginning of the year.

Relatively subdued customer demand weighed on optimism towards the 12-month business outlook, with confidence edging down to a six-month low in June.

"The manufacturing sector recovered slightly in June, but based on the inventory trends and confidence around future output, the June reading was more like a temporary rebound, with an economic downtrend likely to be confirmed later," Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

Looking ahead, Capital Economics' economist Julian Evans-Pritchard said today's better-than-expected PMI reading doesn't change the assessment that the economy is set to slow further over the coming quarters.

It can take time for policy tightening and slower credit creation to fully feed through into weaker activity but past cycles suggest that it eventually will, the economist added.

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