China’s services activity expands at fastest rate in 12 years
Manufacturing growth slows as world’s second-largest economy charts uneven recovery from Covid
China’s non-manufacturing sector activity expanded at the fastest rate in more than a decade in March, but manufacturing growth dipped from the previous month in further signs of an uneven recovery as the economy struggles to emerge from the shadow of the pandemic.
The National Bureau of Statistics non-manufacturing purchasing managers’ index, which includes the services sector, reached 58.2 in March, up from 56.3 in February and its highest level since May 2011, comfortably exceeding economists’ forecasts of 54.3.
The manufacturing sector gauge also beat forecasts, coming in at 51.9, according to figures released on Friday, but it trailed the 52.6 growth rate last month, hinting at mixed signals across the world’s second-largest economy.