China Manufacturing PMI

The Caixin China General Manufacturing PMI fell to a 26-month low of 46.0 in April of 2022 from March's reading of 48.1, below market forecasts of 47.0. The latest figure was also the third contraction in factory activity since the start of the year, as COVID-19 outbreaks took a toll on the economy. Both output and new orders fell at the second steepest pace since the survey began in early 2004, while export orders shrank at the sharpest rate in nearly two years. At the same time, firms significantly cut purchases; employment declined in eight of the last nine months, including April; while backlogs of work rose further. Delivery times lengthened at second-quickest rate on record, due to travel curbs and raw material shortages. On prices, input cost rose further but the rate of inflation eased; while selling prices rose modestly, on efforts to stay competitive and attract new business. Lastly, sentiment was subdued, amid concerns that the control measures would last too long.