China's factory activity unexpectedly contracts in May, service sector grows at softer pace

seekingalpha05-31

Chinese manufacturing activity unexpectedly contracted in May, while services sector growth slowed.The official NBS Manufacturing PMI in China unexpectedly declined to 49.5 in May 2024 from April's ...

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This contraction, the first since February, sparked concerns about China's economic health, prompting calls for fresh stimulus measures. The official NBS Non-Manufacturing PMI in China ticked lower to 51.1 in May 2024 from 51.2 in the previous month, missing market forecasts of 51.5, marking the 17th consecutive month of expansion in services activity but the softest pace since January, as new orders remained weak. The NBS Composite PMI Output Index in China dropped to 51.0 in May 2024 from 51.7 in April, pointing to the lowest figure since February as factory activity shrank for the first time since February. Meanwhile, China's new yuan loans fell to their lowest in nearly a year during April despite a new re-lending tool from the central bank. Elsewhere, the IMF recently warned that the Chinese government should scale back industrial policies that could affect trading partners and boost attempts to lift domestic demand. ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE), (CHIX). Currency: (CNY:USD) More on China  PBOC keeps loan prime rates steady, as expected China's consumer prices rise for third month; producer prices drop more than expected China trade surplus smaller than expected as exports grow much less than imports China's Q1 GDP expands 5.3% Y/Y, beats expectations China's inflation rate rises at a slower pace than expected","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2439324149"}