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Financial News: China's Manufacturing Sector Contracts In June

China's Manufacturing Sector Contracts In June

06/30/2019 - 22:49:00 (RTTNews)

(RTTNews) - China's manufacturing activity contracted for the first time in four months in June on trade disputes, survey results from IHS Markit showed Monday.

The Caixin manufacturing Purchasing Managers' Index fell to 49.4 in June from 50.2 in May. A score below 50 indicates contraction.

Trade tensions caused renewed declines in total sales, export orders and production. Consequently, firms reduced their headcounts.

Business sentiment was broadly neutral in June as firms were more concerned about the US-China trade dispute.

"It's crucial for policymakers to step up countercyclical policies," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group said. "New types of infrastructure, high-tech manufacturing and consumption are likely to be the main policy focuses."

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