China May Caixin Final Manufacturing PMI 49.6 Vs 50.3 in April

Kazuhiro Nogi | AFP | Getty Images
Kazuhiro Nogi | AFP | Getty Images
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09 June, 2017

Manufacturing PMI of over 50.0 indicates expansion in the economy. He added that panellists reported weak demand both domestically and overseas, citing disappointing sales in nearby Asian economies.

Markit's Purchasing Managers' Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, rose to 49.6 from 48.2 in April.

Manufacturing activity in the United Kingdom decreased less than expected in May, easing concern over the British economy, industry data showed on Thursday.

The PMI for the services sector accelerated to 54.5 as commercial services such as retail and railway transportation expanded on rising demand, the bureau said.

Japan has secured new orders, prompting a 3 month manufacturing high in May supported by stronger increases in output, a survey reported.

The index (pdf) briefly fell below that watermark after last June's European Union referendum but has now been in growth territory for 10 months.

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Output, new orders and purchasing activity all fell in May, which pointed a downturn in client demand.

China is transitioning from an investment-driven economic model to one more reliant on consumer spending, which has put the brakes on growth in recent years.

Optimism surrounding production trends for 12 months ahead strengthened to the highest level for 20 months and this confidence was reflected in a further boost in job creation with the strongest gain in employment since June 2014.

Increased workloads encouraged greater staff recruitment and a marked expansion of input buying across the construction sector.

Overall, orders were growing at the second-fastest rate in the past three years, just off April's peak - matching similar upbeat results in a survey by the Confederation of British Industry earlier this month.

"On the price front, while construction costs have ratcheted up over the past six to nine months, the wave of inflation from imported materials now appears to have passed its peak".


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