A survey says Chinese manufacturing activity weakened in April and factories cut employment despite government stimulus efforts.
Caixin magazine said Tuesday its purchasing managers’ index declined to 49.4 from March’s 49.7 on a 100-point scale on which numbers below 50 show activity contracting. It said conditions have worsened in each of the past 14 months.
Beijing has tried to shore up slowing economic growth by boosting spending on public works projects, expanding credit and easing policies on real estate to encourage purchases. Some indicators improved in March but analysts warned that was unlikely to last.
A separate PMI issued Sunday by a Chinese industry group, the Federation of Logistics & Purchasing, also showed manufacturing was weak in April though it found activity expanded slightly.