Manufacturing activity rebounds weaker than expected
Print Edition
CHINA’S manufacturing activity in private and export-oriented firms rebounded weaker than expected in May according to the HSBC Purchasing Managers’ Index yesterday.
The index stood at 49.4 last month, better than 48.1 in April, but it was revised down from the flash reading of 49.7 released on May 22, according to HSBC Holdings Plc and research company Markit.
The latest figure pointed to a fifth straight monthly drop in the sector as a reading below 50 means contraction.
Qu Hongbin, chief economist for China at HSBC, said new orders stabilized while new export orders rose an impressive 53.2.
“The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector,” Qu said.
The components showed that production shrank fractionally while new orders were stable after a three-month fall.
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