China Unofficial China manufacturing PMI edged down in June

研报英文原文证据摘录

China Unofficial China manufacturing PMI edged down in June

Economics Research

1 July 2026 | 12:30PM HKT

China: Unofficial China manufacturing PMI edged down in June

Bottom line: Yuting Yang

+852-2978-7283 |

yuting.y.yang@gs.com

The headline RatingDog China manufacturing PMI edged down to 51.7 in June from Goldman Sachs (Asia) L.L.C.

51.8 in May. Among the major sub-indexes, the raw materials inventory decreased

the most, followed by the output sub-index. In June, the NBS manufacturing PMI rose

while the RatingDog manufacturing PMI edged lower; however, both remained above

50, indicating continued expansion in manufacturing activity.

Key numbers:

RatingDog manufacturing PMI: 51.7 in June (GS forecast: 52.1; Bloomberg consensus:

52.0), vs. 51.8 in May.

Main points:

1. China’s RatingDog manufacturing PMI edged down to 51.7 in June from 51.8 in

May (Exhibit 1). Among major sub-indexes, the new order sub-index inched up to

52.7 from 52.5, the employment sub-index rose to 50.5 from 49.8, while the output

sub-index declined to 52.8 from 53.4. The suppliers’ delivery times sub-index rose to

49.7 in June from 49.3 in May. Surveyed companies reported that supply delays were

limited to the investment goods sector, while delivery times improved for both

consumer and intermediate goods.

2. On the trade-related sub-indexes, the new export orders sub-index decreased to

49.4 in June from 49.6 in May. The raw materials inventory sub-index fell to 50.7

from 51.7 and the finished goods inventory sub-index decreased to 50.2 from 50.6.

Price indicators suggest cost pressures eased notably in June. The input prices

sub-index decreased to 52.4 from 55.8 while the output prices sub-index edged up

to 52.2 from 52.0 in May. According to S&P Global commentary, output prices