China’s Manufacturing PMI up in May

The purchasing managers’ index (PMI) for China’s manufacturing sector came in at 49.6 in May, up from 47.4 in April, data from the National Bureau of Statistics (NBS) showed. A reading above 50 indicates expansion, while a reading below 50 reflects contraction.


“China’s economy took a hit from the Omicron outbreak and changes in the international situation, but it has improved in May due to the effective coordination of epidemic containment and economic and social development,” NBS senior statistician Zhao Qinghe said.


The sub-index for production stood at 49.7 in May, up 5.3 percentage points from the previous month, and the sub-index for new orders stood at 48.2, up 5.6 percentage points from April.


Source: Xinhua