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PMI for May positive, small drop notwithstanding: CIER

TAIPEI--The expansion of Taiwan's manufacturing activity slowed down in May, according to the latest data from the Chung-Hua Institution for Economic Research (CIER), a local economic think tank.

The purchasing managers index (PMI) for May fell 1.6 points from the previous month to 58.6, the CIER said Tuesday.

A PMI reading of above 50 indicates expansion in manufacturing activity, while a figure below 50 signals contraction.

In May, all five PMI sub-indexes gained strength — new orders, production, employment, inventories and supplier deliveries. Among those, the sub-indexes for new orders and production stood above 60.

Also, the six major sectors covered by the CIER's PMI showed continued growth in May — electronics and optoelectronics (63.3), transportation (59.3), electricity and machinery (59.2), food and textiles (56.1), basic raw materials (52.8), and chemicals and biotechnology (52).

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