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MNI BRIEF: China May Manufacturing PMI Rebounds As Covid Eases

MNI (Singapore)

The China Purchasing Managers' Index (PMI) rose to 49.6 in May from April's 47.4, rebounding to a three-month high from the two-year low last month, as Covid-hit areas gradually resume work and production, data from the National Bureau of Statistics on Tuesday showed.

Both the production and new order sub-indices rose just over 5 percentage points to 49.7% and 48.2%, respectively, though still below 50, the divide between contraction and expansion.

The non-manufacturing PMI increased by 5.9 points to 47.8, as service activities rapidly recovered amid a steady decline of Covid-19 cases nationwide. Businesses in retail sales, transportation, and financial services were above the expansionary 50, while that in accommodation continued to be at a low level below 40.

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