China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
It was the softest contraction in the sequence, with output rising the most in three months (51.0 vs 50.7 in May), supported by a trade deal with the US and Beijing's ongoing efforts to stimulate domestic demand and bolster the sluggish economy. Additionally, new orders grew for the first time in three months (50.2 vs 49.8), while foreign sales fell the least in three months (47.7 vs 47.5).
A similar trend was seen in buying activity, which rose for the first time since March (50.2 vs 47.6). Meanwhile, employment declined at a slightly faster pace (47.9 vs 48.1), and delivery times lengthened slightly (50.2 vs 50.0). On the price front, both input costs (48.4 vs 46.9) and selling prices (46.2 vs 44.7) fell at a slower pace. Looking ahead, sentiment weakened to a nine-month low (52.0 vs 52.5).
Source: Trading Economics
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