China's manufacturing sector contracts for 3rd consecutive month
China's manufacturing sector shrank for the third straight month in June, showing that weak demand at home and slow exports are still big hurdles.
The official manufacturing PMI ticked up a bit to 49.7, but it's still under 50—the line between growth and contraction.
New orders barely grew
New orders barely grew, just nudging over 50, while export orders stayed weak.
Meanwhile, services and construction (the non-manufacturing side) saw slight growth, hinting that some parts of the economy are holding on—just not with much confidence.
China wants to shift toward more consumer-driven economy by 2025
A long-running property crisis is making people spend less and fueling deflation worries.
Industrial profits dropped by over 9% in May compared to last year.
China wants to shift toward a more consumer-driven economy by 2025, but experts say it'll take time—so don't expect a quick fix for growth anytime soon.