China factory activity expands again in May but at tepid pace - official PMI

Activity in China's manufacturing sector unexpectedly expanded for the third straight month in May but growth remained weak as orders softened, suggesting the world's second-largest economy is still struggling to regain traction. Beijing has been counting on a strong services sector to help offset the prolonged downdraft from manufacturing, and hopes that services will create jobs for some of the millions of factory workers who are expected to lose their jobs as the government tries to cut indus