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Major macroeconomic indicators showed a marked weakening at the start of the second quarter, reflecting the uncertainty in the external trade environment is denting the sentiment, further more dragging on the economic activity.
China’s manufacturing activity in May shrank at its fastest pace since September 2022, as a sharper decline in new export orders highlighted the impact of prohibitive U.S. tariffs.
The Caixin/S&P Global manufacturing purchasing managers’ index came in at 48.3, missing estimate of 50.6 and dropping sharply from 50.4 in April. It fell below 50, the mark that separates growth from contraction, for the first time since September last year.
The decline in foreign demand accelerated in May, with the gauge for new export orders falling to its lowest level since July 2023. Total new orders, an indicator of overall demand, also contracted for the first time in eight months.
The job market remained grim, with employment shrinking for the second straight month and at the fastest clip since January. Notably, the factories’ finished goods inventory accumulated for the first time in four months due to falling sales and delays in outbound shipments.
The Caixin survey followed the official PMI released recently that showed China’s manufacturing activity contracted for a second month in May, although ticking slightly higher to 49.5 from 49 in April, reflecting early signs of stabilization in the sector.
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