China's Caixin manufacturing PMI bounce back to expansionary territory in May amid stronger increase in output

The Caixin China General Manufacturing PMI unexpectedly rose to 50.9 in May 2023 from 49.5 in April.
Output rose the most in 11 months, new order growth was at 2 year-high, and foreign sales continued to increase.
Meantime, buying activity expanded the least in 4 months; while employment fell at the steepest pace since February 2020, with backlogs down for the first time in 5 months.
Finally, sentiment slipped to a 7-month low, on concerns over lingering uncertainty, particularly from overseas.
"Current economic growth lacks internal drive and market entities lack sufficient confidence," highlighting the importance of restoring demand," said Dr. Wang Zhe, an economist at Caixin Insight Group.
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