China factory activity steady in May, services rebound

by Ben Pena June 9, 2017, 4:19
China factory activity steady in May, services rebound

It's the 10th straight month of expansion for the sprawling manufacturing sector, which is a major part of China's wider economy and employs many millions of workers. Companies are reported to have said, that growth was supported by a demand both domestically as well as overseas.

Data compiler IHS Markit said its final purchasing managers' index fell to 53.8 from 55.1 in April, which was the strongest reading since April 2011. Factories also reported that output slipped while employment rose.

United States manufacturing activity slipped to an eight-month low in May, according to figures released on Thursday.

The official non-manufacturing PMI, a gauge for the service sector, rose to 54.5 percent from 54 percent in April.

Activity in the United Kingdom construction sector expanded at its fastest rate in 17 months in May, boosted by a surprise rebound in homebuilding, a survey says.

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It was a similarly positive picture in the United Kingdom, where the British manufacturing sector had its second fastest growth in nearly three years. However, good news is that new export business grew (at the strongest pace since September 2016) amid improving worldwide trade. Furthermore, growth in new order books was also the slowest seen since the current upturn began in July 2016.

Production growth was strongest in the intermediate sector while there was some moderation in the consumer and investment sectors. Japan's Nikkei 225 index gained 1 percent after data showed recurring first quarter corporate profits were the highest on record.

Input prices increased further in May.

Overall, orders were growing at the second-fastest rate in the past three years, just off April's peak - matching similar upbeat results in a survey by the Confederation of British Industry earlier this month.

Official figures last week showed the United Kingdom economy suffered an even deeper slowdown at the start of the year, as the services sector came under pressure and inflation dealt a blow to household spending.


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