China's manufacturing weak in June, more jobs cut, in new sign of economic weakness

Two surveys show China's manufacturing was weak in June and employers cut more jobs in a new sign of weakness in the world's second-largest economy.

HSBC Corp. said Wednesday its purchasing managers' index stood at 49.4, largely unchanged from May's 49.2 on a 100-point scale on which numbers below 50 show activity contracting. A separate index by an industry group, the Chinese Federation for Logistics & Purchasing, was unchanged from May's 50.2 on a similar 100-point scale.

HSBC's survey showed manufacturing employment declined at its fastest rate since February 2009 in the aftermath of the global financial crisis.

The Chinese government has cut interest rates four times since November and launched mini-stimulus efforts to shore up economic growth that slowed to 7 percent in the first quarter.