Financial News: China Manufacturing Sector Picks Up Steam In May

China Manufacturing Sector Picks Up Steam In May - Caixin

06/02/2024 - 21:49:00 (RTTNews)

(RTTNews) - The manufacturing sector in China continued to expand in May, and at a faster pace, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 51.7.

That's up from 51.4 in April, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturing production rose at the fastest pace since June 2022, with firms in the consumer segment reporting especially sharp output growth in May. This was underpinned by higher new work inflows, as stronger demand, both domestically and abroad, supported by heightened interests in new products led to the latest rise in new orders, according to panelists.

The rate of new order expansion slowed slightly from April, however. Purchasing activity also increased in May as firms sought to acquire more inputs to fulfil ongoing production requirements and in anticipation of output growth. In turn, stocks of purchases rose with the intent for safety stock building.

In contrast, stocks of finished goods returned to contraction in May, though this was attributed to faster outbound shipments for the fulfilment of orders. Maintaining this theme, lead times for the delivery of inputs shortened for a third successive month.

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