Shenzhen, China–China’s manufacturing activity expanded for the first time in six months in March.
The official purchasing managers’ index (PMI) rose to 50.8 in March from 49.1 in February, above the 50-mark separating growth from contraction and topping a median forecast of 49.9.
Though the pace of growth was modest, it was also the highest PMI reading since March of last year, Reuter reported.
New export orders rose into positive territory, breaking an 11-month slump, but employment continued to shrink, albeit at a slower rate, the PMI data showed.
Recent upbeat indicators suggest the world’s second-largest economy is slowly getting back on better footing, leading analysts to start upgrading their growth forecasts for the year.
The official non-manufacturing PMI, which includes services and construction, rose to 53 from 51.4 in February, marking the highest reading since September.