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China: Headline PMIs show recovery but details hint at weak demand
The rebound of the non-manufacturing PMI to 54.7 in June from 47.8 in May was mainly due to more construction activity (the PMI for which was 56.6, up from 52.2 in May), This indicates the resumption of infrastructure construction and some state-backed real estate developers also resuming home and office building. It was less surprising to see the manufacturing PMI recover to 50.2 in June from 49.6 a month earlier, with new orders increasing to 50.4 from 48.2 in May. Manufacturing activity was not as badly affected by the Covid quarantine measures in June as more factories worked in closed loops to avoid production ... (full story)
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- Posted: Jun 29, 2022 10:29pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 724
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