SHANGHAI (Reuters) - China?s factory activity contracted for the fourth straight month in June but showed some signs of stabilizing, according to a preliminary private survey, suggesting more stimulus measures may be needed to support the world?s second-largest economy.
The HSBC/Markit Flash China Manufacturing Purchasing Managers? Index (PMI) edged up to 49.6, a three-month high, from 49.2 in May, but remained below the 50 mark which separates contraction from expansion.
New orders returned to positive territory at 50.4 and new export orders fell at a slower pace, but companies stepped up layoffs. Factories were also forced to cut prices for their products at a faster rate.
?On one hand, the sector shows signs of improvement as output stabilized amid a slight pick up in total new work, while purchasing activity also rose slightly over the month," said Annabel Fiddes, an economist at Markit.
"On the other hand, manufacturers continued to cut staff, with the latest reduction the sharpest in over six years. This suggests companies have relatively muted growth expectations .... and suggests that authorities may step up their efforts to stimulate growth and job creation in the second half of the year.?
(Reporting by Pete Sweeney; Editing by Kim Coghill)
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