China’s economy is showing mild improvement after the country’s National Bureau of Statistics (NBS) reported a purchasing managers’ index (PMI) reading of 50.4 for April, slightly higher than the forecast 50.3.
NBS’s reading of the PMI is the second straight month of expansion in factory activity amid continued efforts from Beijing to spur an economic upswing after the index sharply dipped from 50.8 in the first quarter of 2024.
Trading Economics reports that “new orders grew less (51.1 vs 53.0 in March), with foreign sales rising softer (50.6 vs 51.3), while output continued to expand (52.9 vs 52.2)”.
“Buying levels gained for the second straight month (50.5 vs 52,7). Employment fell at a slightly faster rate (48.0 vs 48.1).
“Further, delivery time was shortened despite being at a softer pace (50.4 vs 50.6). On prices, input cost inflation accelerated to a seven-month peak (54.0 vs 50.5) while a decline in output prices softened (49.1 vs 47.4).
“Finally, sentiment weakened slightly after hitting its three-month high in the prior month (55.2 vs 55.6).”
