China's factories stepped up activity in July for a fifth straight month as improving prospects for electrical and pharmaceutical goods helped sustain a broader recovery from earlier coronavirus shutdowns.
BEIJING - China’s factories stepped up activity in July for a fifth straight month as improving prospects for electrical and pharmaceutical goods helped sustain a broader recovery from earlier coronavirus shutdowns.
The government’s manufacturing Purchasing Manager’s Index , released on Friday, unexpectedly rose to 51.1 in July from June’s 50.9. That was the highest reading since March and dashed analyst expectations for a fall to 50.7. The 50-point mark separates growth from contraction on a monthly basis. “The current rapid pace of recovery is likely to slow in the coming months as the initial boost from re-opening businesses fades,” said Julian Evans-Pritchard, of Capital Economics. “The prop to exports from shipments of goods linked to the pandemic is also likely to diminish.”
Small companies continue to feel both supply and demand pressure, with a sub-index for them falling further into contraction, said Zhao Qinghe, an official at the National Bureau of Statistics, which publishes the PMI.In the services sector, activity also expanded for the fifth straight month, driven by strong construction as China ramps up infrastructure projects but also suggesting consumer confidence is recovering.
Imports in June rose for the first time since the health crisis hit the economy, as government stimulus stoked demand for commodities, while exports, fuelled by medical goods, also rose in a sign the recovery is gaining traction.
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