China's manufacturing PMI down in May-Xinhua

China's manufacturing PMI down in May

Source: Xinhua

Editor: huaxia

2023-05-31 13:07:30

BEIJING, May 31 (Xinhua) -- The purchasing managers' index (PMI) for China's manufacturing sector came in at 48.8 in May, down from 49.2 in April, data from the National Bureau of Statistics (NBS) showed Wednesday.

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

China's economy still needs to consolidate its basis during the recovery, NBS statistician Zhao Qinghe said.

Among the 21 surveyed sub-sectors, 11 remained in the expansion zone, NBS data showed.

The production index and the new orders index came in at 49.6 and 48.3, respectively.

The PMIs of equipment manufacturing, high-tech manufacturing, and consumer products industries stood at 50.4, 50.5 and 50.8, respectively.

Market sentiment remained stable as the sub-reading for business expectation stood at 54.1, Zhao said.

Wednesday's data also revealed that the PMI for China's non-manufacturing sector stood at 54.5 in May, remaining in expansion territory.