China factory activity held steady in May, index shows

China factory activity held steady in May, index shows

China factory activity held steady in May, index shows

"Notwithstanding these positive trends, the data highlighted a deceleration in the rate of growth in new orders over the month, perhaps indicative of a stronger euro", he added.

As the bloc's economic performance improves, the European Central Bank is likely to signal a move away from its ultra-easy monetary policy by September, economists in a Reuters poll forecast last month.

India's manufacturing sector witnessed a sharp year-on-year decline in the January-March quarter of 2017, provisional GDP figures released by the government Wednesday showed.

The official non-manufacturing PMI, a gauge for the service sector, rose to 54.5 percent from 54 percent in April. Readings below 50 denote contractions in activity. It said that the global demand for Indian-manufactured goods deteriorated in May, as signalled by a decline in new export orders. "Input buying dropped following an increase in the previous month, with the rate of decline only modest overall".

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Official figures last week showed the United Kingdom economy suffered an even deeper slowdown at the start of the year, as the services sector came under pressure and inflation dealt a blow to household spending. Incoming new work rose at the weakest pace since February, with slowdowns evident in the consumer and intermediate goods categories, while capital goods producers recorded a contraction in order books.

The new-order subindex of China's official manufacturing PMI stood at 52.3 in May.

May output fell at the fastest rate since November 2016, with the sub-index at 47.7 versus 49.0 in April, the survey showed.

Factory job creation was especially strong, with the index rising to 56.2, the highest since May 1998, from 55.6 a month earlier. The measure of supplier delivery times also deteriorated, falling to 43.1 from 45.3 and indicating longer delivery times. Confidence towards the year-ahead meanwhile remained weaker than the historical average, with the degree of optimism unchanged from April's four-month low.

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