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🇨🇳 China's June PMI beat, but the labor market isn't buying it
The day in view

🇨🇳 China's June PMI beat, but the labor market isn't buying it

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Manufacturing PMI hit 50.3 in June, clearing the 50.1 consensus as AI hardware exports pulled new export orders back into expansion. The employment sub-index fell further to 48.4. Output is rising; hiring is not.

Orange robotic arms assembling a silver car chassis in a large automated factory.
NBS data confirmed China's manufacturing sector re-entered expansion in June with PMI at 50.3, surpassing the 50.1 forecast. Source

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