Factories in Asia's largest economies stepped up a gear in May as supply chain problems eased, business surveys showed on Thursday, but sluggish global demand remained a major challenge for many of the region's big exporters.
Purchasing managers' indexes for China and Japan showed swings in factory activity to growth in the month, in contrast to weak indicators from South Korea, Vietnam and Taiwan where declines continued.
"The PMI surveys suggest that China's economic recovery was still ongoing in May, albeit at a slower pace. Waning fiscal support weighed on construction activity," said Julian Evans-Pritchard, analyst at Capital Economics. China's Caixin/S&P Global manufacturing PMI rose to 50.9 in May from 49.5 in April, above the 50-point index mark that separates growth from contraction.
But China's business confidence for the coming 12 months fell to a seven-month low amid concerns over global economic prospects, the Caixin survey showed.rose to 50.6 in May, its first reading above the 50.0 threshold since October, as the economy's delayed re-opening from pandemic curbs lifted demand.showed Japanese factory output unexpectedly fell in April. While a survey of manufacturers forecast a 1.
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