Factory activity in China rose for the first time in four months after the government lifted the lockdown in Shanghai, according to data released by the National Bureau of Statistics on Thursday. However, the growth fell short of market expectations.
The purchasing managers’ index (PMI) for China’s manufacturing sector rose to 50.2 in June, up from 49.6 in May, marking the first expansion since February.
A reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The PMI reading was below the Reuters poll of 50.5.