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- May survey data pointed to only a modest expansion of China’s manufacturing sector - Markit
May survey data pointed to only a modest expansion of China’s manufacturing sector - Markit
Growth in production and new orders picked up slightly from April, while firms reported a further fall in new export sales. At the same time, companies reduced staffing levels again as part of efforts to cut costs and raise efficiency. This, in part, drove a further increase in outstanding workloads. Inflationary pressures meanwhile intensified, with both input costs and output charges rising at solid rates. Although confidence towards the 12-month outlook for production improved in May, optimism remained subdued by historical standards. The headline seasonally adjusted Purchasing Managers' Index - a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy - was unchanged from the previous month at 51.1 in May. The reading signalled a further modest improvement in the health of the sector. Operating conditions have now strengthened in each month for the past year.
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