Caixin China manufacturing PMI for May falls to 11-month low

by Dramelin 7:30 PM 0 comments

China`s factory activity contracted for the first time in 11 months, a private survey showed on Thursday.
The Caixin/Markit Manufacturing Purchasing Managers` index (PMI) fell to 49.
6 in May, lower than a 50.
1 forecast by analysts polled by Reuters and lower than April`s 50.
A reading above 50.
0 indicates expansion in manufacturing while a reading below the level points to a contraction in activity.
The contraction in Caixin`s PMI reading contrasts with an official reading released on Thursday which showed PMI for the month of May came in at 51.
2 — higher than the 51.
0 expected and even with 51.
Meanwhile, China`s official services PMI rose to 54.
5 in May from 54.
Compared with the official PMI, the Caixin/Markit survey tends to focus more on small- and mid-sized manufacturers, suggesting that smaller firms are under more pressure than their larger, state-backed peers.
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