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China’s manufacturing PMI expands for first time in 9 months

by ChemOrbis Editorial Team -
  • 01/04/2016 (16:56)
An official manufacturing purchasing managers’ index (PMI) released by the National Bureau of Statistics (NBS) showed that the country’s manufacturing expanded for the first time in nine months in March, increasing to a reading of 50.2 in March from a reading of 49 in February. Any reading above 50 signals an expansion. The March PMI also exceeded economists’ expectations which called for a reading of 49.4 in a survey conducted by Bloomberg.

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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