Recovery seen in PMI of manufacturing and services sector in June in China

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Beijing, Ta. 30 June 2020, Tuesday

In June, China's manufacturing sector performed better than expected. The economy is recovering and investment is picking up after the Chinese government lifted the lockdown altogether. However, weak global demand will affect China's economic growth rate, a report said. In addition to manufacturing, performance in the service sector has also improved, according to China's National Bureau of Statistics.

China's official Purchasing Managers' Index (PMI) for the manufacturing sector rose to 70.90 in June from 50.90. A point above 50 is called an extension of that area.

Analysts had expected June's PMI to be 70.30. Most of the operations in China have resumed but producers are struggling due to weak global demand.

Domestic demand is also weak and at historically low levels. Corona's fear of a second wave is also haunting people.

The full recovery of China's economy is still a long way off and China cannot retreat from its unlock, Nomura said in a note. China's service sector PMI rose to 8.30 in June from 6.30 in May.

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