According to Caixin, China’s manufacturing purchasing managers’ index rose at a more-than-expected pace in June, defying expectations of a slowdown.
The survey showed the manufacturing PMI came in at 50.4 in June, marking the highest score over the past three months. That was also up from May’s 11-month low of 49.6 and analysts expectations for 49.5.
The Caixin PMI is a closely-watched gauge of nationwide manufacturing activity, which focuses on smaller and medium-sized firms, while official data measures activity of larger companies, most often that of state-run corporations.
The rise in the index was due to a stronger growth of output and new orders, which encouraged companies to boost their procurement activities.
The growth was also confirmed by official PMI statistics released on Friday.
In June, China’s official purchasing managers’ index grew to 51.7 from 51.2 in May. The services PMI rose to 54.9 from 54.5 a month earlier.
The Chinese manufacturing sector is a key barometer of the country’s consumption, which accounts for more than 50% of its GDP.
