China’s factory activity growth slowed slightly in May as raw materials costs grew at their fastest pace in over a decade, weighing on the output of small and export-oriented firms.
The official manufacturing Purchasing Managers’ Index (PMI) inched lower to 51.0 in May, against analyst expectations that it would remain unchanged from April at 51.1, data from the National Bureau of Statistics (NBS) showed on Monday.
The official PMI, which largely focuses on big and state-owned firms, has stood above the 50-point mark that separates growth from contraction for over a year.
Growth in China's services sector accelerates in May - official PMI
Activity in China’s services sector expanded at a faster pace in May, official data showed on Monday, as domestic consumption continue to grow at a modest pace.
The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 55.2 from 54.9 in April, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.
Though slower than manufacturing, a gradual improvement in consumption has stimulated activity in China’s services sector, which includes many smaller and private companies.
The official May composite PMI, which includes both manufacturing and services activity, rose to 54.2 from April’s 53.8.
Reference: Reuters
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