China manufacturing growth at seven-month low

The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) came in at 50.3 in April, the lowest in seven months. It was down from 51.2 in March and marked the weakest reading since September’s 50.1.  The survey, compiled by information and data analytics provider IHS Markit, is based on figures collected from more than 500 manufacturing companies across the country. A reading above 50 indicates expansion, while a number below 50 points to contraction. The April reading bodes ill for overall economic growth, which gained momentum in the previous two quarters. Some analysts have expected economic growth to lose luster as soon as from the three-month period until June. The official PMI for the manufacturing sector, released by the National Bureau of Statistics (NBS) on Sunday, was 51.2 in April, down from 51.8 in March due to corrections in commodity prices and slower expansion in new orders and output.