The
China’s manufacturing sector’s performance in April was the weakest in a year,
according to the The HSBC/Markit
Purchasing Managers’ Index.
The
overall result of 48.9 was lower than both a Bloomberg News survey of economists’ median predictions (49.4) and the flash PMI result of 49.2 for the month.
Any
result under 50 indicates contraction.
“China’s manufacturing sector had a weak
start to Q2, with total new business declining at the quickest rate in a year
while production stagnated,” Markit economist Annabel Fiddes
said in a statement.
Fiddes
said the decline in jobs and purchasing also pointed to difficulties.
AFP reports that the decline in new business was mainly because of weak local
demand.
The
survey, which favours smaller, privately-owned factories, follows the official
PMI result for April of 50.1, indicating only the slightest of expansion.
Image: Brent Lewin/Bloomberg