China manufacturing growth weak in AprilBy AP News May 01, 2014 11:05AM UTC
BEIJING (AP) — A survey of Chinese manufacturers shows activity grew weakly in April, adding to signs the world’s second-largest economy is cooling.
The government-sanctioned China Federation of Logistics and Purchasing said Thursday its monthly purchasing managers index stood at 50.4 points on a 100-point scale on which numbers above 50 show activity expanding. That was up marginally from March’s 50.3 points.
China’s economic growth slowed to 7.4 percent in the first quarter. Trade and manufacturing have been weak, fueling concern about a possible rise in politically volatile job losses.
Chinese leaders are trying to steer the economy to slower growth but have launched several mini-stimulus efforts when it appeared to be cooling too sharply.
A separate survey earlier by HSBC Corp. showed April manufacturing activity shrank for a fourth straight month.