01 July 2013 03:57 [Source: ICIS news]
SINGAPORE (ICIS)--China’s purchasing managers’ index (PMI) dropped to 50.1% in June, down from 50.8% May, indicating a further slowdown in the country’s manufacturing activities, official data showed on Monday.
The new orders index declined by 1.4 percentage points to 50.4% in June, and production index dropped to 52.0%, down by 1.3 percentage points from the previous month, according to the China Federation of Logistics & Purchasing (CFLP).
“The June PMI declined, especially the major indexes, showing the economy will be under downward pressure in the future, but the PMI is still above 50%,” said Zhang Liqun, an analyst from CFLP.
A PMI reading above 50% indicates expansion, while a reading below 50 denotes contraction in manufacturing activities.
China’s June PMI is based on a survey of 3,000 manufacturers in the country.
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