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6/1/2021, 3:47 AM (Source: TeleTrader)
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China's manufacturing remains on the rise in May

The manufacturing sector in China continued its growth in May, according to a release by IHS Markit on Tuesday. The seasonally adjusted Purchasing Managers’ Index (PMI) for the month stood at 52.0 from 51.9 in April, marking the 13th straight month of expansion.

Total sales of manufactured goods increased at the fastest rate for five months due to greater demand both at home and overseas, with new export order growth at a six-month high in May. "Average cost burdens rose rapidly in the latest survey period, with the rate of inflation the quickest since December 2016. Panel members frequently mentioned that higher raw material costs pushed up expenses. Firms generally passed on greater input costs to clients by raising their output prices which increased at the fastest rate since February 2011," the report stated. Outlook remained positive overall, but it dipped to a four-month low, "largely due to concerns over rising costs and pandemic-related uncertainty."

Baha Breaking the News (BBN) / DJ