China's factories scaled back production last month and slowed the pace of hiring in response to a drop in new orders from both home and abroad, an official survey showed on Tuesday. Karin Slade | The Image Bank | Getty Images The purchasing managers' index (PMI) compiled by the China Federation of Logistics and Purchasing (CFLP) fell to 53.9 in May from 55.7 in April. The reading, which was close to the median forecast of 54.0 in a Reuters poll of 10 economists, marked the 15th straight month that the PMI has stood above the threshold of 50 that demarcates...