China’s Economy Weakens

The Wall Street Journal reports that “the preliminary HSBC China Manufacturing Purchasing Managers Index fell to 48.7 in May from a final reading of 49.3 in April, stoking concerns the Chinese economy could slow sharply.
The preliminary May reading marks the seventh straight month the index has been in contractionary territory. A reading below 50 indicates contraction from the previous month, while anything above that indicates growth. The PMI, a key indicator of manufacturing activity, follows weak performance by the world’s second-largest economy in April in many areas, including industrial production, trade, fixed-asset investment, money supply and the property market.”

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