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Report: China factory slowdown sees signs of stabilization

Report says China factory activity slows again but signs of stabilization seen

Report: China factory slowdown sees signs of stabilization

HONG KONG (AP) -- A report says Chinese manufacturing activity continued to contract in June but the slowdown appeared to be stabilizing.

The preliminary version of HSBC purchasing managers' index rose to 49.6 this month from 49.2 in May.

The index is based on a 100-point scale, with numbers above 50 indicating expansion.

The report said new orders and purchasing activity in China's massive manufacturing sector rose slightly from the month before. However, it also found that factories made their sharpest cuts to staff numbers in six years.

The report said Beijing may roll out more stimulus efforts as momentum slows in the world's second biggest economy.

China's economic growth fell in the first quarter to 7 percent, the slowest pace since 2009.


Updated : 2020-12-03 12:57 GMT+08:00