Economic Buzz: China factory activity contracts in May

China?s factory activity contracted in May, according to an official survey released on Saturday, although the decline slowed from April as the country reached a deal with the U.S. to slash President Donald Trump?s sky-high tariffs.

China?s purchasing managers index rose from 49.0 in April to 49.5 in May, the National Bureau of Statistics said. PMI is measured on a scale from 0 to 100, where 50 marks the cutoff between expansion and contraction.

Meanwhile, the manufacturing index showed growth in the sector, although the index measuring new orders remained under 50 despite some improvement.

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