China: Caixin manufacturing PMI at highest level of the year

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China’s manufacturing activity index rebounded to the highest level of the year, and was in line with official data, reflecting the economic recovery from the impact of the lockdown.

Caixin’s manufacturing index rose to 51.7 in June, up from 48.1 in May, ending a three-month streak of contraction, data from Caixin Media and S&P Global showed.

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The figures, the highest since May 2021, are in line with official manufacturing data released yesterday, which came in at 50.2, also after three months of contraction.

Chinese manufacturing companies recorded the first increase in output since February. Total new orders also returned to growth in June and new orders rose.

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Despite the pick-up in activity, manufacturing firms remained relatively cautious about hiring, with employment declining for the third month in a row.

While supply has not fully recovered yet, some companies surveyed by Caixin reported a sharp drop in supplier delivery times.

Source: Capital

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