China manufacturing PMI slips to 48.3 in May, lowest since September 2022
China’s manufacturing sector suffered a sharp shrinkage in May, with the Caixin Manufacturing Purchasing Managers’ Index (PMI) coming in at 48.3-the worst reading since September 2022. This means that, for the first time in eight months, the reading went below the neutral threshold of 50, pointing to deterioration in business conditions by mid-second quarter. The…