China's official Purchasing Managers' Index expanded for a fifth month in April, aided by expanding export orders.
The China Federation of Logistics and Purchasing PMI rose to 53.3 in April, up 0.2 points from March, and the highest reading in more than a year. A PMI below 50 indicates contraction while above means expansion.
The manufacturing output sub-index rose to 57.2 from 55.2 in March, while the new orders index was at 54.5. Export orders rose to 52.2, the best reading in a year, and up from 51.9 in March and the lowly 46.9 recorded in January.
Alistair Thornton, an analyst with IHS Global Insight, told the JOC the rise in new orders and exports indicated more momentum to come. “But,” he warned, “given the U.S. and eurozone are not out of the woods yet, I wouldn't expect an unbridled positive story for the rest of the year.”
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