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PMI rises for first time in 4 months
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China's manufacturing activity in March strengthened for the first time in four months, a survey showed this morning.
The official Purchasing Managers' Index, a comprehensive gauge of operating conditions in China's industrial companies, reached 50.3 last month, the China Federation of Logistics and Purchasing said today.
The rate picked up from February's 50.2. It was the first increase since November.
A reading above 50 means expansion.
The components showed that production rose to 52.7 in March, up from 52.6 a month earlier. New orders gained 0.1 point to 50.6 and finished goods inventory reached 47.8 from 47.4. Input prices dropped 3.3 points to 44.4.
The HSBC Purchasing Managers' Index, which gauges conditions in mostly private and export-oriented manufacturers, was 48 in March, down from 48.5 in February. It marked the third consecutive monthly contraction.
Qu Hongbin, chief economist for China at HSBC Holdings plc, said it signaled a moderate deterioration in the health of the sector.
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