China’s Economy Showing Signs of Weakness
China’s auto sales and services industries slowed down in June, adding to signs that the economy will likely soften in the months ahead. The country’s auto sales weakened to 10.9% yoy in June, from +25.0% in May and +33.2% in April. This was the third consecutive month of easing, indicating that consumer spending has turned weaker in the country. Similarly, the PMI index for the services industry compiled by HSBC Holdings Plc and Markit Economics fell to 55.6 in June, from 56.4. This was the third consecutive month of slowing down and the lowest level in 15 months, suggesting that trade activities and consumer spending have turned slower. In the same vein, China’s manufacturing index fell more than economists forecast to the lowest level in 16 months, excluding a Lunar New Year-affected February 2010.
The World Economy... - 6/7/2010
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