MNI DATA BRIEF: China May PMI Edges Down To 51.0; Services Up

China's Purchasing Managers' Index (PMI) edged down to 51.0 in May from April's 51.1, staying above the breakeven 50.0 level for the 15^th straight month as manufacturing activity accelerated although demand slowed, according to data from the National Bureau of Statistics on Monday.

May's PMI was higher than the same period in 2019 and 2020. The production subindex rose 0.5 percentage point to 52.7, while demand growth slowed with the new-order subindex falling 0.7 pp to 51.3. Meanwhile, new export orders declined by 2.1 pps to 48.3, entering the contraction zone below 50.

The non-manufacturing gauge accelerated to 55.2 from 54.9. The business activity subindex for railway and air transportation as well as accommodation, remained high above 65.0 for the second month due to the May Day holiday boost, the NBS said.