Factory activity in China unexpectedly grew for the first time in four months in...
BEIJING - Factory activity in China unexpectedly grew for the first time in four months in March, an official survey showed on Sunday, suggesting government stimulus measures may be starting to take hold.
The official Purchasing Managers’ Index rose to 50.5 in March from February’s three-year low of 49.2, marking the first expansion in four months, according to data released by the National Bureau of Statistics on Sunday. The 50-mark separates growth from contraction on a monthly basis. “The jump will likely give a big boost to stock markets and could delay a cut in the reserve requirement ratio ,” said Ting Lu, chief China economist at Nomura.
Export orders shrank for the 10th straight month, suggesting external demand remained sluggish and further policy cushion may be needed if trade tensions escalate. China’s trade-oriented neighbors Japan, South Korea and Taiwan have seen more signs of slackening demand, both in China and elsewhere. Amid rising labor costs and weaker sales, a growing number of foreign companies from car makers to electronics manufacturers have decided to shut plants in China in recent months, raising the specter of more layoffs. The jobless rate in February rose to 5.3 percent, nearing a two-year high.
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