MAY CAIXIN MANUFACTURING PMI 50.7; MEDIAN.....>

CHINA: MAY CAIXIN MANUFACTURING PMI 50.7; MEDIAN 49.6; APR 49.4

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"The output subindex rose further into expansionary territory, posting its

highest reading in more than nine years. In contrast, the recovery of demand

lagged behind, as the subindex for total new orders remained in contractionary

territory despite rising slightly from the previous month... The gauge for

backlogs of work dropped into negative

territory for the first time in more than four years, as supply recovered more

strongly than demand, allowing many backlog orders to be fulfilled... The

employment subindex also rebounded from the previous month, although it remained

in negative territory. That said, pressure on the job market should not be

underestimated... Downward pressure on prices of industrial products

continued... The measure for future output expectations rebounded markedly to

the same level as before the coronavirus outbreak. Manufacturers' confidence in

the economy for the next 12 months rose sharply."