China’s factory activity was flat last month after two months of expansion, official data showed yesterday, as weaker demand and rising energy costs due to the Middle East war weighed on growth.
The manufacturing purchasing managers’ index (PMI) — a key measure of industrial activity — was 50.0 last month, the Chinese National Bureau of Statistics (NBS) reported.
The 50.0 mark separates expansion from contraction.
Photo: Reuters
Economists surveyed by Bloomberg had predicted a reading of 50.0 as well. The figure slipped from 50.3 in April and 50.4 in March, NBS data showed.
Last month’s slowdown comes as the Middle East war, which has effectively halted shipping through the Strait of Hormuz, a key oil and gas route, drives up global energy costs and pressures manufacturers.
Chinese factories are facing higher costs, with the prices of raw materials rising, particularly in the energy and chemical sectors.
Supply and demand in industries including petroleum, rubber and plastics showed “continued weakness,” NBS statistician Huo Lihui (霍麗慧) said in Beijing.
Overall business production and activity in the manufacturing sector remained stable, Huo said, adding that there was “a slight slowdown in market demand” for new orders.
China, the world’s second-largest economy, has been struggling with a slowdown in domestic demand and investment over the past few years, which has been weighing on its vast manufacturing sector.
Despite factory data edging lower, China’s non-manufacturing PMI — a gauge of activity across services and construction sectors — rose to 50.1 last month, up from 49.4 in April, NBS data showed.
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