RatingDog said June manufacturing PMI was 51.7. Production and demand remained
expansionary; output continued to rise but at a slower pace than in May. Total
new orders stayed in expansion with marginally faster growth, while new export
fell orders further versus May and remained in contraction. Easing input-cost
pressure has modestly improved corporate margins, but external demand weakness
and a decline in firms’ forward expectations were evident. Monitor the
trajectory of external demand recovery and the durability of raw-material cost
relief.
