CFLP: Global manufacturing PMI contracts for 3rd month in May

The global manufacturing Purchasing Managers' Index (PMI) stayed in the contraction zone for the third month in May, though the index gained by 0.1 point on month to reach 49.2, according to the latest data compiled by the China Federation of Logistics & Purchasing (CFLP).

The U.S. tariff hikes continue to disrupt the global economy, amplifying uncertainties in the worldwide recovery, CFLP explained, noting that in the latest report of the Organization for Economic Co-operation and Development released earlier this month, the OECD had lowered its forecast for global economic growth for 2025 to