China's Manufacturing Purchasing Managers' Index Falls - yet again!
China's Manufacturing Purchasing Managers' Index, best known as the PMI, fell again in May, according to the latest data released by China's National Bureau of Statistics. This is is the fourth successive drop since February this year. China says an index of the PMI below its threshold, 50%, is a downturn in its manufacturing activities. That means, the activities have been down for four successive months, despite recording a substantial growth at the beginning of the year. In response, understandably, the price of crude oil dropped significantly in the commodity markets on Wednesday. Crude oil prices - 31 May 2023 As of 10:45 GMT, the prices of WTI and Brent were $68.97 and $72.96 respectively. The price of LNG, liquified natural gas, was at $2.36. The falling PMI means the manufacturing activities in the world's second largest economy remain a concern at many different economic levels. The consumption of oil, for instance, may go down in proportion to the shrinkin