Manufacturing activity in China expanded at a slower pace in June, according to a survey of purchasing managers released today.

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The Purchasing Managers' Index fell to 54.5 from 55.7 in May, the China Federation of Logistics and Purchasing and the National Bureau of Statistics said in an e-mailed statement. That was the lowest reading in four months.

The index is based on a survey of more than 700 companies in 20 industries including oil and gas, oil refining, metallurgy, transport equipment and electronics. A reading above 50 reflects an expansion in business activity and a reading below 50 indicates a contraction.

The survey tracks changes in output, new orders, export orders, employment, inventories, input prices and raw-material prices. The data is seasonally adjusted.

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