The Manufacturing Purchasing Managers' Index (PMI), which reflects economic trends in China, indicated a contraction in the economy for the second consecutive month due to the ongoing effects of the US-China tariff war.
On May 31, the National Bureau of Statistics of China announced that the manufacturing PMI for May was 49.5, an increase of 0.5 points from the previous month's figure of 49.0.
This figure is in line with market expectations and represents a slight increase from the previous month. However, it remained below 50 for the second consecutive month.
The PMI, which is based on a survey of corporate purchasing managers, serves as an indicator of economic trends in the relevant sector. A reading above 50 indicates economic expansion, while a reading below 50 signifies economic contraction.
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