China's factory activity unexpectedly returned to growth in May as strict measures to contain the coronavirus outbreak were eased, but the improvement was marginal as export orders continued to shrink, a private business survey showed on Monday.
BEIJING - China’s factory activity unexpectedly returned to growth in May as strict measures to contain the coronavirus outbreak were eased, but the improvement was marginal as export orders continued to shrink, a private business survey showed on Monday.
Though modest, May’s reading was the highest since January, driven by a sharp increase in output as companies got back to work and cleared outstanding orders. Supply chains also steadied after massive disruptions early in the year. Factories also continued to cut payrolls, but the pace of job shedding eased. Avoiding mass unemployment is a top government priority, with a target to create over 9 million urban jobs this year.
An official survey on Sunday showed China’s factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened, pointing to an uneven recovery.
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