China’s Caixin PMI Growth Slows in June, Matching Official Data

China’s manufacturing output grew at a slower pace in June, a private survey by Caixin/S&P Global reported on Monday, matching official data released last week that pointed to sluggish growth in the world’s second-largest economy.

June’s reading for manufacturing purchasing managers’ index in China came in at 50.5, down from 50.9 in May but above the 50.2 predicted by Reuters’ survey of experts. The 50-point threshold separates growth from contraction.

According to data released by the National Bureau of Statistics in China last week, the official manufacturing PMI in China rose to 49.0 in June from May’s 48.8.

“A slew of recent economic data suggests that China’s recovery has yet to find a stable footing, as prominent issues including a lack of internal growth drivers, weak demand and dimming prospects remain,” said Wang Zhe, senior economist at Caixin Insight Group.

“Problems reflected in June’s Caixin China manufacturing PMI, ranging from an increasingly dire job market to rising deflationary pressure and waning optimism, also point to the same conclusion.”