China manufacturing down for 1st time in 11 months: Caixin
- Author: Anthony Vega Jun 09, 2017,
Jun 09, 2017, 4:17
"May's PMI signaled a further worsening of conditions in the Greek manufacturing sector". Companies are reported to have said, that growth was supported by a demand both domestically as well as overseas.
The Markit/CIPS manufacturing purchasing managers' index (PMI) slipped to 56.7 in May from a three-year high in April. Most other eurozone countries also posted growth, aside from Greece who saw yet another contraction as it struggles to deal with further austerity measures.
Manufacturing activity in the United Kingdom decreased less than expected in May, easing concern over the British economy, industry data showed on Thursday. Production rose at the slowest pace since June 2016 and coincided with sharp employment cuts, the steepest in eight months, as employers tried to control their costs.
Focus will remain on the dominant services sector and next Monday's service PMI data will reveal a better picture of the overall outlook for United Kingdom economic activity.
Manufacturing across the euro zone grew at the fastest rate in more than six years during May, increasing activity as price increases failed to slow their new orders, a survey showed on Thursday.
Three-month copper on the London Metal Exchange was up 0.5 percent to $5,687 a tonne by 0130 GMT, reversing losses from the previous session.
Philip Moffitt from Goldman Sachs told Sky News Business the increase in debt that China is using is a problem.
That indicates that after declining mildly last month, activity levels improved sharply during May, led by a surge in domestic orders.
Production growth was strongest in the intermediate sector while there was some moderation in the consumer and investment sectors.
The anecdotal evidence of reduced demand was reinforced by survey data with the seasonally adjusted new orders indec contracting below the 50-level threshold. Data indicated that customer demand was relatively subdued both at home and overseas, with new export sales rising at a similarly marginal pace.