China Caixin June 2025 Manufacturing PMI 50.4 (expected 49.0, prior 48.3) | Forexlive
This is the private survey manufacturing PMI for June 2025: 50.4, for a very solid beat indeed and a huge bounce back from the awful result in May.
- expected 49.0, prior 48.3
In summary:
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PMI rose to 50.4 in June, up from 48.3 in May, returning to expansionary territory.
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Marking growth in eight of the past nine months.
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Domestic supply and demand improved, with production and new orders rebounding as firms promoted sales and responded to better trade conditions.
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External demand remained weak, with new export orders falling for the third straight month due to US tariffs — especially affecting consumer goods.
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Employment continued to shrink as firms focused on cost control; job losses were sharper in consumer goods manufacturing.
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Input and output prices declined, with output prices falling at the fastest pace in five months, driven by fierce competition and weak cost support.
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Logistics delays persisted, with supplier delivery times lengthening for the fourth consecutive month.
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Purchasing activity dropped, especially among consumer goods firms, while inventories held steady or declined slightly.
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Business confidence dipped, though firms remained moderately optimistic about future output.
Bottom line:
While domestic conditions improved and overall manufacturing stabilized, external weakness, falling prices, and job losses highlight ongoing challenges. Policy support is helping, but demand at home remains fragile and market sentiment subdued.
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Yesterday we had the official PMIs:
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