According to data released by China’s National Statistical Authority on Wednesday, the manufacturing sector’s PMI stood at 48.8 in May, down from 49.2 in April.
The reading of the above 50 indicator indicates expansion, while the reading below reflects contraction.
This is the index’s lowest level in five months and below the 50-point barrier separating growth from contraction. The PMI contravened expectations to rise to 49.4.
China’s economy is emerging from a three-year lockdown due to the coronavirus pandemic.
The purchasing managers’ indices and other economic data for April add to the evidence that the recovery following the opening of the economy is losing momentum.
Last month, imports shrank sharply, real estate investment declined, new bank loans tumbled, industrial profits fell, and factory production and retail sales fell short of expectations.
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