Igor Kutyaev
The official NBS Manufacturing PMI in China shows the manufacturing activity remained in contraction for the second straight month, signaling the need for additional stimulus measures as China strives to regain economic stability. Meanwhile, the services sector remained in expansion but slowed to a six-month low.
China’s manufacturing PMI stood at 49.5 in June 2024, holding steady for the second straight month and aligning with market forecasts, marking the fourth time of contraction in factory activity so far this year.
The official NBS Non-Manufacturing PMI in China was down to 50.5 in June 2024 from 51.1 in the previous month, missing market forecasts of 51.0, and marking the 18th consecutive month of expansion in the service sector.
The latest figure was the softest since last December, as new orders (46.7 vs 46.9 in May) and new export orders (48.8 vs 47.5) remained weak.
The NBS Composite PMI Output Index in China dropped to 50.5 in June 2024 from 51.0 in May.
The figures came ahead of July’s Third Plenum, a key political meeting where China’s Communist Party may launch big shifts in economic policy.
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