China's manufacturing sector leaps back
Activity levels in China’s manufacturing sector managed to soar for the first time in almost eight months, as the country’s National Bureau of Statistics states.
The government’s PMI or manufacturing purchasing managers index gave a 1.2-point surge, thus making the first expansion of activity levels since last year’s June. The PMI is traditionally used for measuring changes in activity levels within a certain period.
The strength was mainly concentrated in larger businesses, thus offsetting permanent weakness in medium and small enterprises. For larger companies the PMI soared from 49.9 to 51.5. The readings for medium and small firms came in 48.1 and 49 respectively, thus pointing out to contraction.
China’s manufacturing output ascended from 50.2 to 52.3, the fastest expansion since last year’s September, while purchase quantities grew from 47.9 to 52.6 in February.
New export orders have made leading indicators for future activity leap back right into expansionary territory, surging from 50.2 to 51.4.