China’s official statistics revealed that factory activity contracted in May due to weak demand.
Official data said the official manufacturing sector purchasing managers’ index to 48.8 from 49.2 in April.
The PMI contravened expectations to rise to 49.4.
The services sector grew at its slowest pace in four months in May, with the official non-industrial purchasing managers’ index falling to 54.5 from 56.4 in April.
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, the PPI (which measures commodity costs at the factory’s gate) fell, 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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