The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 49.2, missing the median estimate of 49.6 in a Bloomberg survey, which was also March’s final reading. “The growth momentum remains weak in April, which calls for further policy easing,” said Zhao Yang, chief China economist at Nomura Holdings Inc. in Hong Kong. Premier Li Keqiang has flagged the labor market as key, pledging last month to step in to support the economy if the slowdown hurts jobs and wages.