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Financial News: China Manufacturing Sector Recovers In June

China Manufacturing Sector Recovers In June

06/30/2022 - 01:25:00 (RTTNews)

(RTTNews) - China's manufacturing sector returned to the expansion zone in June, survey results from the National Bureau of Statistics showed on Thursday.

The official manufacturing Purchasing Managers' Index rose to 50.2 from 49.6 in May. A score above 50.0 indicates expansion in the sector. However, the reading was slightly below economists' forecast of 50.5.

The new order sub-index came in at 50.4 versus 48.2 in the prior month and the production index climbed to 52.8 from 49.7.

Driven by the improvement in construction, the non-manufacturing PMI advanced notably to 54.7 from 47.8 in the previous month.

The survey suggests that full recovery will take some time, ING economist Iris Pang said. Demand remains weak and future demand depends on the likelihood of further lockdowns.

The economist said it will be challenging for the government to achieve the 5.5 percent GDP target set in March.

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