China’s manufacturing activity contracted in May, contrary to official figures implying factories managed to retain its ground in April.
The Caixin-Markit purchasing managers index dropped to 49.2 this month, previously 49.4. The country’s National Bureau of Statistics reported factory activity stabilized in May from 50.1 in April.
Both new orders and output slightly decreased this month. New export orders declined for sixth consecutive months as foreign client demand has slumped. Inflation rate somewhat slowed down but input costs increased.
Meanwhile, Caixin’s services PMI will be released Friday.
The material has been provided by InstaForex Company – www.instaforex.com