China’s Economic Outlook Remains Mixed

China’s official Purchasing Managers’ Index (PMI) for non-manufacturing industries brings some glass-half-full cheer to those who believe the slowdown in the economy’s growth has come to an end. It rose to a three-month high of 56.7 for June, up from May’s 55.2. The glass-half-empty crowd will point to the continuing weakness in manufacturing. At 50.2 for June, its official PMI was barely above the line dividing expansion from contraction, a line below which the unofficial HSBC PMI, which is weighted towards export-oriented small and medium-sized companies, already hovers.


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