April HSBC PMI contracts to one-year low
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)