BEIJING - China’s factory gate prices fell for a fifth straight month in June as the coronavirus pandemic weighed heavily on industrial demand, although signs of a pickup in some parts of the sector suggest a slow economic recovery remains intact.
However, in a sign of potential improvement in the manufacturing sector, PPI rose 0.4% from the previous month, turning around from a 0.4% decline in May. Indeed, orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports.
An official survey on the manufacturing sector last week showed activity expanded in June although still at a modest pace, as Beijing’s success in drastically reducing the number of new coronavirus infections allowed it to reopen its economy. The inflation data also showed consumer prices rose 2.5% from a year earlier, in line with forecasts and slightly faster from 2.4% growth in May.
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That back corner is buckling😶
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