China’s economic activity steadied in June, with manufacturing and services both stabilising as the long way back from the coronavirus lockdowns continued. The official manufacturing purchasing managers’ index (PMI) for June stood at 50.9, with a reading above 50 suggesting growth in factory output. This was better than analysts’ expectations, with the median result of a Bloomberg survey predicting 50.5. It was slightly better than May’s reading of 50.6. The PMI is a sentiment gauge, conducted through a survey of factory owners and purchasing managers. It offers an early snapshot of the state of China’s economy ... (full story)