China manufacturing growth weakens in April

China’s official Purchasing Managers’ Index (PMI), a barometer of manufacturing activity, fell in April, the Financial Times reported. The PMI dropped to 50.6 in April from 50.9 in March, as slumping export orders hit the country’s manufacturing sector. A PMI reading above 50 indicates growth accelerated in the sector while a reading below 50 indicates growth slowed. China’s PMI is watched closely by resource-exporting countries as it indicates future demand for raw materials. “The slight fall in the PMI reading for April shows that the economic recovery is still not on a solid foundation,” the China Federation of Logistics and Purchasing said on Wednesday.