China’s manufacturing PMI expands for first time in 9 months
The data showed that new orders index rose to 51.4 from 48.6 in February while output index climbed to a reading of 52.3 in March from 50.2 in the previous month. The private Caixin Purchasing Managers‘ Index, meanwhile, climbed to 49.7, posting the highest reading in 13 months. However, both indexes showed that manufacturers continue to shed jobs for the 29th straight month in March.
Economists commented that the government’s efforts to accelerate economic growth have finally shown hopeful signs. Some analysts also said that the unexpected expansion in March was driven by stronger government investments, an acceleration of infrastructure and housing spending while seasonal factors also helped the sector recover in March.
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