China's manufacturing PMI slips to 50 as sector feels pressure
Business
China's manufacturing hit a rough patch in May, stalling.
The official PMI slipped to 50 from last month's 50.3, right at the line between growth and decline.
This dip was linked to a long holiday and pressures on global demand and input costs, showing that the sector is feeling some real pressure.
China's central bank cuts interest rates
On the flip side, construction and services saw a tiny boost, with their PMI inching up to 50.1 from April's 49.4.
Still, China's overall economy is slowing down; industrial output and retail sales barely grew in April.
To help out, the central bank cut interest rates to a record low and Beijing rolled out new support for migrant workers' access to city services like education and health care.