China's factory activity growth slowed in June, a private sector survey showed on Monday, with sentiment waning and recruitment cooling as firms grew increasingly concerned about sluggish market conditions.
The Caixin/S&P Global manufacturing purchasing managers' index eased to 50.5 in June from 50.9 in May, indicating a marginal expansion in activity. The 50-point index mark separates growth from contraction.that showed factory activity extending declines, adds to evidence the world's No. 2 economy lost momentum in the second quarter as demand weakened.
The soft PMIs, which are considered a leading economic indicator, show China struggling to sustain the post-COVID recovery seen earlier this year amid an entrenched property downturn, high youth unemployment and deflationary pressures. "Problems reflected in June's Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion."Muted sales growth led factory owners to maintain a cautious approach to employment, which fell for the fourth month in a row.
The sub-index of new export orders, which was fractionally above 50, signalled little change in the amount of new business from abroad. Companies said a weaker global economic climate had dampened export orders for consumer and investment goods, although demand for intermediate goods picked up.
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