China manufacturing PMI falls more than expected in May

31st May 2024 07:41

(Sharecast News) - China Factory activity slowed more than expected in May, hitting a three-month low, as the world's second-largest economy continued to battle problems in its property market, according to survey data published on Friday.

The official manufacturing purchasing managers' index survey of sentiment among factory owners fell more than expected to 49.5, from April's 50.4 and forecasts of 50.5, according to data released by the National Bureau of Statistics on Friday.

A reading above 50 indicates expansion, while a reading below suggests contraction.

The new manufacturing export order subindex fell to 47.2 in May from 50.6 in April.

Non-manufacturing PMI, which measures sentiment in the service and construction sectors, fell to 51.1 in May from 51.2 in April but was still above the expansion mark for the fifth consecutive month.

The new-order subindex within the construction sector fell to 44.1 in May from 45.3 in April, while the service sector business activity subindex fell to 47.4 from 50.3.

Reporting by Frank Prenesti for Sharecast.com