China's manufacturing weak in June, more jobs cut, in new sign of economic weakness
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.