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Financial News: China Private Sector Activity Improves In May

China Private Sector Activity Improves In May

05/31/2022 - 02:38:00 (RTTNews)

(RTTNews) - China's private sector activity improved in May from the previous month following the easing of restrictions related to the pandemic, survey results from the National Bureau of Statistics showed on Tuesday.

The official manufacturing Purchasing Managers' Index rose more-than-expected to 49.6 in May from 47.4 in the previous month. The expected level was 48.0.

However, a score below the neutral 50.0 indicates contraction. At the same time, the non-manufacturing PMI, which reflects services and construction activity, advanced notably to 47.8 from 41.9 a month ago.

Taken together, the official composite output index rose to 48.4 from 42.7.

The official PMIs add to broader evidence that activity has started to rebound as containment measures were rolled back, Sheana Yue, an economist at Capital Economics, said. That said, the recovery is likely to remain tepid amid weak external demand and labor market strains.

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