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China’s manufacturing PMI down slightly in June

Updated: Jul 1,2016 10:20 AM     Xinhua

BEIJING — China’s manufacturing sector posted a slight drop in June, official data showed on July 1, suggesting there remains downward pressure on the world’s second-largest economy.

The purchasing managers’ index (PMI) came in at 50 in June, slightly lower than May’s 50.1. It was the lowest reading since March’s 50.2, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

NBS statistician Zhao Qinghe said, in general, the manufacturing sector is steady and its structures are improved. High-tech manufacturing picked up remarkably while industries with excess capacity contracted.

The sub-index measuring production stood at 52.5, marking the second consecutive expansion.

The sub-index for new orders settled at 50.5, 0.2 percentage points lower than the previous month but remaining in expansion territory for a fourth month, indicating steady market demand.