SMM

The composite PMI for the machinery industry in April stood at 49.21, down 1.64 points on the month but up 4.14 points on the year. The seasonally-adjusted composite index stood at 49.98, an increase of 2.11 points MoM and 4.35 points YoY. The index for production was 50.53, up 0.3 point on a monthly basis and 8.37 points on a yearly basis, and that for new orders fell 5.59 points month-on-month but rose 2.83 points year-on-year to 46.93. Raw material inventories averaged 19.56 days of production in April, down 0.04 day from the previous month. The number of days of raw material inventories is for reference as the survey sample may have changed.