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PMIs Show Slowdown In Growth


The composite Caixin PMI for June fell to 52.5 from 55.6 driven by a sharp weakening in services activity. The services PMI eased to 53.9 from 57.1 in May, significantly weaker than the 56.2 expected. Earlier in the week manufacturing posted 50.5 down from 50.9. This data is further evidence that China’s recovery is looking lacklustre.

  • The slowdown in services was driven by weaker sales and orders growth, but business confidence improved for the first time in five months and employment grew at its highest in three months.
  • Cost pressures were muted as input costs were below the series trend. Output prices were marginally higher.

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