BEIJING – China’s manufacturing activity contracted faster than expected in May on weakening demand, an official factory survey showed on Wednesday, heaping pressures on policymakers to shore up the patchy economic recovery.
The official manufacturing purchasing managers’ index (PMI) was 48.8 from 49.2 in April, according to data from the National Bureau of Statistics, staying below the 50-point mark that separates expansion from contraction. The outcome also lagged a forecast of 49.4.
China’s economy is emerging from three years of pandemic lockdowns, but the recovery has been uneven with services spending outperforming activity in the factory, property and export-oriented sectors.
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China’s factory activity likely contracts in May – Reuters poll