China Manufacturing Activity Flatlines as New Export Orders Fall
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China’s manufacturing activity stalled in May as weakening external demand offset gains in high-tech industries, underscoring persistent divergence in the world’s second-largest economy.
The official manufacturing purchasing managers’ index (PMI) slipped to 50 last month from 50.3 in April, according to the National Bureau of Statistics, ending two months of expansion. The reading sits at the threshold between expansion and contraction.
Weak demand was the main drag. The subindex for total new orders fell to 49.9, while the gauge for new export orders dropped to 48.6, suggesting that external demand was the key source of pressure.
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- China's manufacturing PMI slipped to 50 in May from 50.3 in April, ending two months of expansion.
- Weak external demand was key, with new export orders dropping to 48.6; high-tech manufacturing remained strong at 52.9.
- Traditional sectors weakened: consumer goods fell to 49.7 and high-energy industries to 47, a one-year low.
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