China's manufacturing sector held steady in June 2024, according to the latest Purchasing Managers’ Index (PMI) data. The index stayed at 49.5 for the second month in a row—just below the 50-point mark that separates growth from contraction. 📉
Despite the flatline, Zhao Qinghe, a statistician at the National Bureau of Statistics (NBS), noted the economy is still expanding overall. However, he stressed the need to 'consolidate recovery momentum' as market demand remains sluggish. The new orders sub-index dipped to 49.5, hinting at cautious consumer and business spending. 💼
Mixed signals across sectors:
Production activity edged up slightly (50.6), and business optimism stayed strong at 54.4. 🚀
Non-manufacturing PMI (covering services and construction) slowed to 50.5, down from May's 51.1.
Air transport, finance, and telecom sectors soared, with activity indexes hitting 55+—think of them as the economy’s 'bright spots.' ✈️📡
While the data isn’t exactly a 'vibe shift,' experts say targeted policies could boost growth. For now, China’s economic story feels like a TikTok feed: a mix of steady beats and trending sectors. 📲
