China Caixin PMI Manufacturing rose to 52.0 in May, up from 51.9, above expectation of 51.7. Caixin said that total new business rose solidly, supported by stronger export sales. Production growth softened slightly due to supply chain strain. Staffing levels were broadly stable as companies faced steep rise in costs.
Wang Zhe, Senior Economist at Caixin Insight Group said: “To sum up, manufacturing expanded in May as the post-epidemic economic recovery kept its momentum. Both domestic and overseas demand were strong and supply recovered steadily. The job market remained stable. Manufacturers stayed confident about the business outlook as the gauge for future output expectations was higher than the long-term average. Inflation was still a crucial concern as prices continued rising.”
