China’s manufacturing holds steady, rebound leveling off

BEIJING (AP) — A survey shows China’s manufacturing held steady in May, adding to signs a post-pandemic rebound is leveling off. A monthly purchasing managers’ index issued by an industry group and the national statistics agency stood at 51 on a 50-point scale on which numbers above 50 show activity increasing. That was little-changed from April’s 51.1. Measures of production and imports rose while new orders and employment declined. China’s economic growth surged to 18.3% over a year earlier in the first quarter of 2021 as consumer and factory activity revived. But forecasters warned the explosive rebound was ending because the gain compared with the previous quarter at the end of 2020 was just 0.6%.