China’s April factory activity contracts amid Shanghai lockdown – official PMI

BEIJING (Reuters) – China’s manufacturing unit exercise contracted at a steeper tempo in April, as widespread COVID-19 lockdowns curbed manufacturing and disrupted provide chains, an official survey confirmed on Saturday.

The official manufacturing Buying Managers’ Index (PMI) fell to 47.4 in April from 49.5 in March, for a second straight month of contraction, the Nationwide Bureau of Statistics (NBS) mentioned. The 50-point mark separates contraction from progress on a month-to-month foundation.

A Reuters ballot had anticipated the PMI to ease to 48.

Dozens of China’s main cities are in full or partial lockdowns, together with the industrial hub of Shanghai, spurring extra analysts to chop progress forecasts for the world’s second-largest financial system.

(Reporting by Stella Qiu, Min Zhang and Ryan Woo; Enhancing by Clarence Fernandez)