The RatingDog China Manufacturing PMI edged down to 51.7 in June 2026 from 51.8 in May, though it still came in slightly above the consensus forecast of 51.6. While this signaled the weakest pace of factory expansion since March, the index remained comfortably above its long-run survey average of 50.8, in place since 2004.
Output continued to grow at a solid rate, and new orders rose for the thirteenth consecutive month, equaling the joint-longest expansion streak on record. In contrast, export orders declined for the second month in a row, pointing to persistent softness in external demand.
On the labor front, manufacturing employment increased for the first time in three months, with job creation reaching its strongest level since August 2023.
