China: Manufacturing PMI rises in March
The manufacturing purchasing managers’ index (PMI), published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), rose from 50.3% in February to 51.5% points in March. The result came in above market analysts’ expectations of 50.5%. Therefore, the index remains above the 50% threshold that separates expansion from contraction in the manufacturing sector.
Looking at sub-components of the index, March’s reading was driven by faster expansions of output and new orders. The supplier delivery times category also recorded a sizeable gain. While both the index for inventories of raw materials and job prospects improved in March, they remained below the 50% threshold.
The index for input prices—a reliable leading indicator for overall inflation—continued to decline in March, signaling a deceleration in commodity price increases. Export orders remained jumped above the 50% mark for the first time in three months, pointing to an improving external demand.