Chinese manufacturing sector sours

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Chinese factories slow to a one-year low. An initial reading for April’s HSBC/Markit Purchasing Managers’ Index fell to 49.2 from 49.6 in March. New orders and employment figures helping drag it

Chinese manufacturing sector sours

Chinese factories slow to a one-year low.

An initial reading for April’s HSBC/Markit Purchasing Managers’ Index fell to 49.2 from 49.6 in March.

New orders and employment figures helping drag it below the forecast, equal to March’s final reading.

Despite an initial pickup in February, the state of China’s manufacturing sector has followed the general weakness in the overall economy.

First quarter GDP growth came in at only seven percent – on track to bring China its slowest annual growth in a quarter of a century.

The country’s central bank has made aggressive moves to support the economy with two interest rate cuts since November, and most recently, a cut to banks’ required reserve ratios.

But many economists expect more easing measures soon as China tries to shift from a production-based economy to one more focused on services to combat the slowdown.

ENDS

Tags : Sours, sector, manufacturing, Chinese

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