China’s National Bureau of Statistics has just released its manufacturing PMI report for May, and it’s come in bang on expectations.
The index rose to 50.2, in line with analyst forecasts and above the 50.1 level of April. It also marks the fastest pace of expansion seen since November 2014.
A reading above 50 indicates sector activity is expanding while a figure below 50 points to a contraction. 50 indicates no change in overall activity.
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While manufacturing activity expanded at a faster pace, that across the services sector continued to slow with the non-manufacturing PMI gauge slipping to 53.2.
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Not only was the decline the third month in a row that a slowdown has been recorded, at 53.2, it also marks the slowest pace of expansion seen since January 2014.
