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China's manufacturing activity grew at the fastest pace since 2012 as PMI rises to 52.6 in January
Posted on March 3, 2023 |
China’s manufacturing activity grew at the fastest pace in more than a decade in February, smashing expectations as production soared after the lifting of COVID-19 restrictions late last year.
The manufacturing Purchasing Managers’ Index (PMI) shot up to 52.6 from 50.1 in January, which is the highest reading since April 2012 and separates expansion and contraction in activity.
The official non-manufacturing PMI soared to 56.3 from 54.4 in January, the fastest pace of expansion since March 2021 and the composite PMI, which includes both manufacturing and non-manufacturing activity, rose to 56.4 from 52.9.
Businesses accelerated their production and the manufacturing sector saw more signs of recovery.