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Data about China’s economy continues to swing back and forth, with the largest concern being that its GDP growth rate could drop below 7% for the first time in years. This could be a signal that demand for goods from its huge export machine has sputtered.
The most recent data about China was bad.
China watchers weighed conflicting data on the nation’s manufacturing sector, with HSBC reporting Monday that the sector contracted in May, while government numbers released earlier pointed to a pick-up in activity.
The final version of the HSBC China manufacturing Purchasing Managers’ Index for May fell to 49.2, down from a preliminary reading of 49.6, and more than a point off from April’s 50.4. A result below 50 signals contraction. The data is compiled by Markit.
HSBC said that while the result marked the first contraction in seven months, “albeit at only a marginal pace,” manufacturing output actually registered its seventh straight gain, though that too was small in size.
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