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Free AccessMNI BRIEF: China's May Manufacturing 48.8, Services PMI 54.5
China's Purchasing Managers' Index contracted for the fourth consecutive month, registering 48.8 in May, driven by a slowdown from production and consumption, data from the National Bureau of Statistics (NBS) showed Wednesday.
The production sub-index marked 49.6 in May, slower than April's 50.2 reading while the new orders sub-index – a gauge of demand – printed at 48.3, sliding from last month's 48.8. Both critical indices in the contraction territory reflected insufficient demand in manufacturing together with the restrained production capacity, the NBS said.
Non-manufacturing PMI registered a reading of 54.5, which showed rapid recovery momentum in the services sector, though the figure dropped from last month's 56.4, the NBS added. The level of the economic prosperity has declined and the economy must consolidate the foundation for recovery and development, the NBS cautioned.
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