China’s economic recovery continued in March, driven by better-than-expected surge in service sector
- China’s non-manufacturing purchasing managers’ index (PMI) – a gauge of sentiment in the service and construction sectors – rose to 56.3 in March from 51.4 in February
- The official manufacturing PMI – a survey of sentiment among factory owners in the world’s second-largest economy – rose to 51.9 in March from 50.6 in February
China’s economic recovery continued in March, powered by a better-than-expected surge in the service sector, data released on Wednesday showed.
The official manufacturing PMI – a survey of sentiment among factory owners in the world’s second-largest economy – rose to a three-month high of 51.9 in March from 50.6 in February. March’s reading was above the median prediction of 51.2 in a Bloomberg poll of analysts.
A reading above 50 indicates growth in sector activity, while a reading below the mark represents contraction. The higher the reading above 50, the faster the pace of expansion.
“Some surveyed companies reported that due to repeated overseas outbreaks and clogged international economy and trade, the recent supply of some imported raw materials has been insufficient, prices have risen significantly, and delivery cycles have been extended.