China factory activity contracts for second straight monthAn employee produces building material processing equipment at a factory in Nantong, in China's eastern Jiangsu province on Dec. 5, 2023. BEIJING, China — Factory activity in China shrank for a second straight month in June, data showed Sunday, underscoring the country's shaky economic recovery ahead of a key political gathering expected to focus on deepening reform. A PMI figure below 50 indicates a decline activity, while anything above indicates an expansion. China's non-manufacturing PMI -- which takes activity in the services sector into account -- expanded in June at 50.5, the NBS also said Sunday. Among the hurdles policymakers face are a prolonged debt crisis in the once-roaring property sector, sluggish consumption and high unemployment -- particularly among youth.

Source: Philippine Star June 30, 2024 09:49 UTC