The slew of PMI readings from Asia today got off with a bang, with news the manufacturing sector in China is back in – modest – expansionary territory.
The official manufacturing PMI came in at 50.2 in March, versus economists’ expectations of 49.4. It was 49 in February. Any reading above 50 signals expansion – something Chinese manufacturers surveyed have not reported for eight months.
For services the PMI was 53.8, compared to 52.7 in February. The services sector traditionally does a little better.
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