China’s official manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 for April, slightly above the 50.0 forecast from a Reuters poll, but still signaling the world’s second-largest economy is struggling to maintain momentum.
“The [data] confirm the economy is not getting any better and economic growth remains weak,” Naoto Saito, senior economist at Daiwa Securities, told CNBC.
While the reading, which remained steady from March, indicates manufacturing is stalled, it was still above the key 50 line separating growth from contraction. Non-manufacturing PMI slipped to 53.4 in April from 53.7 in March. Last week, the flash HSBC China manufacturing PMI for April dropped to 49.2 from March’s final reading of 49.6; April’s final reading is due next week.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.