April HSBC PMI con­tracts to one-year low

China Daily (Canada) - - FRONT PAGE -

China’s fac­tory ac­tiv­ity con­tracted at its fastest pace in a year in April, a pri­vate sur­vey showed, adding to a grow­ing num­ber of signs that the econ­omy is de­cel­er­at­ing more rapidly than most an­a­lysts had ex­pected, and per­haps some pol­i­cy­mak­ers as well.

The flash HSBC/ Markit Pur­chas­ing Man­agers’ In­dex (PMI) fell to 49.2 in April, be­low the 50-point level that sep­a­rates growth in ac­tiv­ity from a con­trac­tion on a monthly ba­sis.

Af­ter a brief re­bound in Fe­bru­ary, the in­dex has now been back in neg­a­tive ter­ri­tory for two con­sec­u­tive months.

Econ­o­mists polled by Reuters had fore­cast a read­ing of 49.6, equal to March’s fi­nal read­ing. (Photo 1)

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