TOKYO : Factories in Asia's largest economies stepped up a gear in May as supply chain problems eased, business surveys showed on Thursday, but sluggish global demand remained a major challenge for many of the region's big exporters.Purchasing managers' indexes (PMIs) for China and Japan showed swings in
TOKYO : Factories in Asia's largest economies stepped up a gear in May as supply chain problems eased, business surveys showed on Thursday, but sluggish global demand remained a major challenge for many of the region's big exporters.
"The PMI surveys suggest that China's economic recovery was still ongoing in May, albeit at a slower pace. Waning fiscal support weighed on construction activity," said Julian Evans-Pritchard, analyst at Capital Economics. The reading surpassed expectations of 49.5 in a Reuters poll, a stark contrast to a deeper contraction activity seen in the official PMI released on Wednesday.
Japan's final au Jibun Bank PMI rose to 50.6 in May, its first reading above the 50.0 threshold since October, as the economy's delayed re-opening from pandemic curbs lifted demand. Vietnam, Malaysia and Taiwan also saw factory activity shrink in May, while that of the Philippines expanded, the surveys showed.
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