Global manufacturing sector steadily recovers in May

Global manufacturing activity expanded faster in May, being in the expansion range for 11 consecutive months, according to an index published by the China Federation of Logistics and Purchasing (CFLP).

The global manufacturing purchasing managers’ index (PMI) stood at 57.2 in May, edging up by 0.1 percentage points from the previous month, according to the CFLP.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

Many countries accelerated the production of Covid-19 vaccines and speeded up vaccination, which has earned time for stable economic recovery globally, said the CFLP.

If the epidemic does not break out on a large scale again, the global economy is expected to continue to recover, it said. The CFLP also warned that despite the recovery, the emergence of Covid-19 virus variants, the imbalanced distribution of vaccines and vaccination process in different countries, and the inflation expectations could still bring uncertainties to the world’s economic recovery.

China’s manufacturing PMI came in at 51 in May, slightly lower than 51.1 in April, official data shows.