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China’s manufacturing PMI shows steeper-than-expected downturn
China's official manufacturing purchasing managers’ index slowed to 49.0, down from 49.8. This marked a 6-month low, tying April for the lowest level of the year. It came in below expectations for a smaller moderation to 49.6. The slowdown was seen across all the major subcategories. Production fell into contraction for the first time in 6 months, down to 49.7. This was the lowest level since May 2023. The new orders subindex also fell after two consecutive months of increases, down to 48.8, the lowest level since August 2024. New export orders contributed to this decline, falling to a 6-month low of 45.9. ... (full story)
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