China PMI Spikes Higher
China’s PMI stayed above the critical level of 50, which signals expansion, in March. Data from the China Federation of Logistics & Purchasing and the National Bureau of Statistics showed PMI at 50.9 compared to 50.1 in February.
The unofficial measure from HSBC posted a number of 51.6 compared with 50.4 in December. The official and unofficial numbers may be different, but usually run in lock step.
According to MarketWatch:
However, economists remained cautious on the outlook for Chinese growth, saying the acceleration is mainly due to seasonal factors, and the rise in the March readings was subdued compared with that seen in earlier years.
“The upturn in the economy is continuing, but there’s not a whole lot of enthusiasm to rebuild inventories, to increase supply,” said BNP Paribas economist Ken Peng.