20412
China Manufacturing Weak, More Jobs Cut
World Economy

China Manufacturing Weak, More Jobs Cut

China’s manufacturing was weak in June and employers cut more jobs, two surveys showed Wednesday, in a new sign the world’s second-largest economy is struggling to emerge from a slump.
HSBC Corp. said its purchasing managers’ index stood at 49.4, largely unchanged from May’s 49.2 on a 100-point scale on which numbers below 50 show activity contracting. A separate index by an industry group, the Chinese Federation for Logistics & Purchasing, was unchanged from May’s 50.2 on a similar 100-point scale, AP reported.
Both surveys showed manufacturing employment declining. HSBC said jobs were cut at the fastest rate since February 2009 in the aftermath of the global financial crisis.
The data “pointed to a further decline in the health of the manufacturing sector in June,” said economist Annabel Fiddes of the research firm Markit, which conducts the HSBC survey, in a report.
The Chinese government has cut interest rates four times since November and launched mini-stimulus efforts to shore up economic growth that slowed to 7% in the first quarter.
Both surveys found new orders and new export orders increased, suggesting global and domestic Chinese demand were reviving.
“However, it is likely that more stimulus measures will be required to ensure that the sector can regain growth momentum and to encourage job creation,” said Fiddes.

 

Short URL : http://goo.gl/xWCBxW

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...
Bruno Le Maire
The stability of the eurozone will be at stake if a populist...
Investments by state enterprise rose 11.5% from a year earlier.
Thailand produced its fastest economic growth in five years in...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...
Copper Edges Up
Copper edged higher on Monday after China and the United...

Trending

Googleplus