China’s Manufacturing Expansion Accelerates for Fourth Straight Month, Caixin PMI Shows

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Activity in China’s manufacturing sector clocked a fourth consecutive month of accelerated growth in May, with particularly strong increases in consumer goods production, a Caixin-sponsored survey showed Monday.

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the sector, came in at 51.7 in May, up 0.3 points from the previous month. A reading above 50 signals an expansion in activity, while a number below that indicates a contraction.

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China's manufacturing PMI rose to 51.7 in May, indicating four consecutive months of growth.
Strong increases were seen in consumer goods, with overall supply and demand expanding.
Despite growth, employment remains weak, and policies to bolster the economy are necessary.

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What Happened When

March 2022：: The gauge for employment has only managed to reach expansionary territory twice since March 2022 — in February and August 2023.

March and April 2024：: Supplier logistics continued to improve, with overall delivery times holding more or less steady compared to the levels seen in March and April 2024.

May 2024：: Activity in China’s manufacturing sector clocked a fourth consecutive month of accelerated growth.

May 2024：: The Caixin China General Manufacturing PMI came in at 51.7, up 0.3 points from April 2024.

May 2024：: The PMI survey showed that both manufacturing supply and demand expanded, with the former rising at the fastest pace since June 2022.

May 2024：: Demand grew for the 10th straight month, and new export orders grew for the fifth month in a row.

AI generated, for reference only

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