Lack of New Orders Slows China Manufacturing Growth in April
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U.S. markets are higher Tuesday amid new economic data out of China showing a slowdown in manufacturing growth for the month of April.
Preliminary numbers from HSBC's Purchasing Managers' Index (PMI) came in at 50.5, down from 51.6 in March. Readings above 50 indicate expansion.
Lagging new export orders were largely to blame, hinting at light global demand.
News comes following data out last week that China's Q1 GDP slowed to 7.7 percent of growth, down 0.2 points on a sequential basis. The world bank sees China growth at 8 percent in 2013, high when compared to mature markets, but below the double-digit gains seen just a few years ago.
Preliminary numbers from HSBC's Purchasing Managers' Index (PMI) came in at 50.5, down from 51.6 in March. Readings above 50 indicate expansion.
Lagging new export orders were largely to blame, hinting at light global demand.
News comes following data out last week that China's Q1 GDP slowed to 7.7 percent of growth, down 0.2 points on a sequential basis. The world bank sees China growth at 8 percent in 2013, high when compared to mature markets, but below the double-digit gains seen just a few years ago.
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