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Financial News: China Manufacturing PMI Bounces Into Expansion - Caixin

China Manufacturing PMI Bounces Into Expansion - Caixin

06/30/2022 - 22:06:00 (RTTNews)

(RTTNews) - The manufacturing sector in China moved into expansion territory in June, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.7.

That's up from 48.1 and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Though modest, the rate of increase was the strongest seen since May 2021.

Chinese manufacturers registered the first expansion of output since February at the end of the second quarter. The rate of growth was the quickest seen since November 2020 and sharp, with a number of firms linking the rise to the return to more normal operations and reopening of production lines as COVID-19 restrictions were eased.

Total new orders likewise returned to growth in June, though the rate of increase was only modest. A number of firms mentioned that the lingering impact of the pandemic and relatively subdued demand conditions had impacted new order intakes. New export business also rose modestly.

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