China: PMIs point to firmer employment conditions - TDS

Research Team at TDS, notes that China’s official PMI release for May was unchanged at 50.1 vs a 50.1 forecast.

Key Quotes

“The Caixin release was as expected at 49.2, down for the 2nd straight month. Both PMIs point to firmer employment conditions but new orders have softened. The official non-manufacturing PMI was softer, from 53.5 to 53.1. The takeaway from today’s releases -  there were few signs of improvement, conditions are steady with no sign of a rebound.”