China39;s May Caixin PMI unexpectedly rises
Japan39;s factory activity perks up on reopening boost
Activity shrinks in South Korea, Vietnam and Taiwan
China39;s patchy recovery casts shadow over Asia39;s economies
TOKYO, June 1 Reuters Factories in Asia39;s largest economies stepped up a gear in May as supply chain problems eased, business surveys showed on Thursday, but sluggish global demand remained a major challenge for many of the region39;s big exporters.
Purchasing managers39; indexes PMIs for China and Japan showed swings in factory activity to growth in the month, in contrast to weak indicators from South Korea, Vietnam and Taiwan where declines continued.
India39;s factory activity expanded at the quickest pace since October 2020, a sign strong demand and output were supporting Asia39;s thirdlargest economy.
The patchy set of PMIs pointed to an uneven recovery from the pandemic, particularly in China, the world39;s secondlargest economy, and clouds the outlook for growth in the region, but still provided some cause for optimism.
The PMI surveys suggest that China39;s economic recovery was still ongoing in May, albeit at a slower pace. Waning fiscal support weighed on construction activity, said Julian EvansPritchard, analyst at Capital Economics.
But manufacturing output ticked up and the service sector is still seeing decent gains, suggesting that Q2 GDP growth may not be as bad as many fear.
China39;s CaixinSP Global manufacturing PMI rose to 50.9…