BEIJING : China's factory activity unexpectedly dipped in April, a private sector survey showed on Thursday, due to softer domestic demand and suggesting the manufacturing sector is losing momentum amid a bumpy post-COVID economic recovery.The Caixin/S&P Global manufacturing purchasing managers' index (PM
BEIJING : China's factory activity unexpectedly dipped in April, a private sector survey showed on Thursday, due to softer domestic demand and suggesting the manufacturing sector is losing momentum amid a bumpy post-COVID economic recovery.
The reading echoes a similarly disappointing official PMI released on Sunday and reflects the uneven nature of China's economic recovery, with services consumption, a key growth driver in the first quarter, outperforming manufacturing. "It remains to be seen if the rebound is sustainable after a short-term release of pent-up demand. The Caixin China manufacturing PMI in April, in particular, pointed to the fact that the economic recovery has yet to find a stable footing."
Muted client demand led manufacturers to cut their staffing levels at the quickest pace since January. This was mostly through attrition, though some firms also trimmed headcount to cut costs.
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