The Caixin China manufacturing purchasing manufacturers’ index (PMI) for June beat expectations, offering another signal that the world’s second-largest economy continues to defy expectations for a slowdown.
The private survey came in at 50.4, marking a three-month high. It was up from May’s 49.6, which was an 11-month low, and beat a Reuters poll forecast for 49.5.
Levels above 50 signal an expansion, while levels below 50 indicate contraction.
The Caixin PMI tends to focus on smaller, private companies, while the official data tends to focus on larger, often state-owned, companies.
The release said the rise was on slightly stronger increases in production and new orders, propting companies to increase purchasing activity by a tad, even as muted client demand pushed manufacturers to cut inventories and reduce their workforce numbers.
