June PMI slows due to chip, power shortages
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Manufacturing solid in June By ZHOU LANXU and ZHANG YUE | China Daily | Updated: 2021-07-01 07:35 An employee works on the production line of a carmaker in Qingzhou, Shandong province. [Photo by Wang Jilin/For China Daily]
PMI expansion slower due to supply shortages, but new orders edge up on 618
China s manufacturing activities maintained a solid expansion in June despite the small-scale resurgence of local COVID-19 cases, highlighting the resilience of the country s economic recovery, officials and experts said on Wednesday.
The official purchasing managers index for China s manufacturing sector came in at 50.9 in June, little changed from 51 in May, indicating the sector has expanded steadily, the National Bureau of Statistics said on Wednesday.
China s manufacturing activities maintained a solid expansion in June despite the small-scale resurgence of local COVID-19 cases, highlighting the resilience of the country s economic recovery, officials and experts said on Wednesday.
The official purchasing managers index for China s manufacturing sector came in at 50.9 in June, little changed from 51 in May, indicating the sector has expanded steadily, the National Bureau of Statistics said on Wednesday.
The reading stayed above the mark of 50, which separates expansion from contraction, as new orders increased faster while production remained buoyant, albeit rising at a slower speed due to supply shortages, the bureau said.
The sub-index of new orders edged up to 51.5 in June from 51.3 in May as domestic demand recovered while mid-year promotion campaigns like the June 18 online shopping carnival－ 618 －boosted sales of consumer goods, helping offset the contraction in new export orders, according to the NBS.
According to the National Bureau of Statistics (NBS) in a report titled “Consumer Expenditure Pattern report for 2019,” the typical Nigerian family spends 57% of their income on food.
The cost of food in Nigeria increased 22.28% in May of 2021 compared to the same month in the previous year, again, according to the NBS. Food prices in Nigeria have been on an upward trajectory due to many factors, the primary being the activity of bandits and insurgents in parts of the North, leading to a fall in the supply of food; the border closure also did not help.
In summary, the cost of the biggest expenditure item on the budget of the typical Nigerian is up, so expenses are up.
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