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China May factory output highest in 5 months: survey

But HSBC PMI of 49.7, while up from April's 48.1, is still below growth level

[BEIJING] China's factory sector turned in its best performance in five months in May, a preliminary HSBC survey showed yesterday, though overall manufacturing growth still contracted slightly in a way that suggests that the outlook remains murky.

The HSBC Flash China Manufacturing Purchasing Managers' Index (PMI) recovered to 49.7 in May from April's final reading of 48.1, beating a Reuters' poll forecast of 48.1.

But the data is a touch below the 50-point level that separates a monthly growth in activity from a contraction, indicating that manufacturers actually experienced a slight drop in business.

Still, those hoping for any sign of stabilisation in China's wobbly economy may find some welcome...

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