China’s manufacturing sector contracts 1st time in a year
by ChemOrbis Editorial Team - content@chemorbis.com
According to the data from IHS Markit, China’s manufacturing PMI fell below the 50 threshold for the first time in 11 months due to slower increases in output and new orders, and a fall in staff numbers. The country’s manufacturing PMI stood at a reading of 49.6 in May after 50.3 in April. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.
The data also showed that slower demand caused purchasing activity to post a slight decrease for the first time in 11 months in May while employment also followed a downward trend, posting the fastest decline since September 2016.
Sales also stood below expectations and caused a decline in input buying, which resulted in a decrease in stocks of input at the fastest pace of 6 months.
The country’s services PMI, however, continued to increase in May at 52.8 from 51.5 in April on the back of acceleration in business growth.
The data also showed that slower demand caused purchasing activity to post a slight decrease for the first time in 11 months in May while employment also followed a downward trend, posting the fastest decline since September 2016.
Sales also stood below expectations and caused a decline in input buying, which resulted in a decrease in stocks of input at the fastest pace of 6 months.
The country’s services PMI, however, continued to increase in May at 52.8 from 51.5 in April on the back of acceleration in business growth.
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