Factory output weakens in April
Factory activity in China weakened for a fourth straight month in April, although the rate of decline eased, HSBC Holdings Plc said as it released its monthly Purchasing Managers’ Index.
The preliminary reading was 48.3, compared with 48.0 in March. A reading below 50 indicates a contraction.
Contraction in new export orders and employment will probably continue to exert downward pressure on growth, the bank said.
According to the National Bureau of Statistics, industrial output expanded 8.7 percent year-on-year in the first quarter, a five-year low. The rate was 9.5 percent in the same period of 2013. (Photo 5)