Asia’s factory activity slowed last month as China’s heavy-handed COVID-19 lockdowns continued to disrupt supply chains and dampen demand, adding to woes for some of the region’s economies that were under strain from surging raw material costs.
Manufacturers slowed activity last month in countries ranging from Taiwan to Japan and Malaysia, business surveys showed yesterday, a sign of the challenge that policymakers face in combating inflation with tighter monetary policy — without crippling growth.
China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) stood at 48.1 points last month, improving slightly from 46.0 in April, but staying below the 50-point threshold that separates contraction