China's Manufacturing PMI Remains at 49.5%, Patiently Waiting for a Rebound

According to data jointly released by the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing, in June, the manufacturing purchasing managers' index (PMI) was 49.5%, the same as last month, and the manufacturing industry was basically stable.

From the perspective of enterprise scale, the PMI of large enterprises was 50.1%, down 0.6 percentage points from the previous month; the PMIs of medium and small enterprises were 49.8% and 47.4%, respectively, up 0.4 and 0.7 percentage points from the previous month.

• The production index was 50.6%, down 0.2 percentage points from the previous month, which was above the critical point, indicating that the production of manufacturing enterprises remained expanded.
• The new order index was 49.5%, down 0.1 percentage points from the previous month, indicating that the market demand for manufacturing declined slightly.
• The raw material inventory index was 47.6%, down 0.2 percentage points from the previous month, indicating that the inventory of major raw materials in the manufacturing industry continued to decrease.  
• The employment index was 48.1%, the same as last month, indicating that the employment of manufacturing enterprises was generally stable.
• The supplier delivery time index was 49.5%, down 0.6 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry was longer than that of the previous month.