TOKYO -- Most business sectors in Asia saw expansions in activity in May, led by industries like banks, household products, consumer services and food, while the machinery sector fell fastest for the third straight month.
The Nikkei Asia Sector Purchasing Managers' Index, or PMI, showed that out of the 19 monitored sectors, 14 registered growth, while four decline with one unchanged. The machinery and equipment sector was the poorest performer at 45.7.
Readings above 50 signal expansion, while those below 50 indicate contraction.
Among gainers, banks posted a gain of 55.4, recording the sharpest gain since January 2018. It is the first time that banks tops the rankings since March 2016.
Meanwhile, growth slowed for pharmaceuticals and software services.
For more information, visit IHS Markit website.