China’s manufacturing industry experiences growth

China’s manufacturing industry experiences growth

China’s manufacturing industry experiences growth

Similarly, the Caixin PMI also showed the manufacturing sector returning to growth on Monday. A poll of Reuters' economists had indicated that the report would come in at 49.9 for the second straight month, and readings above 50 represent expansion.

The Caixin PMI is a private survey focusing on smaller businesses and offers a first glimpse into the operating environment. This followed an uptick in the official PMI, released over the weekend, and provided a strong boost to investors' appetite for perceived riskier assets - like equities.

The official PMI for March released on Sunday was 50.5, compared with 49.2 in February.

China's heavy truck manufacturers reported record high sales last month, adding to signals of growing vitality in the broader economy.

Oil climbed more than 2 percent, with USA crude futures hitting a 2019 high on Monday after tight supply and positive signs for the global economy drove both benchmarks' largest first-quarter gains in almost a decade.

In the eurozone, factories saw their worst month for nearly six years in March, a Markit survey found. March manufacturing PMI for the bloc declined for an eighth month, coming in at 47.5, the lowest reading since April 2013.

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According to IHS Markit, the upturn was supported by a strong rise in new orders and expansion in new export orders after a decline in February. Moreover, the index suggests improvement in production, new orders, and employment, which boosted investors' confidence in the U.S. economy.

The report showed that new orders reached their highest level since November, while export orders returned to expansionary territory, "showing that both domestic and external demand rebounded moderately". Some firms were hiring to support higher production and new business development, the release said.

"Data from the National Bureau of Statistics showed unemployment in urban areas for February was the highest since early 2017, causing concerns about the job market". The situation improved significantly in March, indicating easing pressure on employment.

U.S. manufacturing rebounded more than expected in March, according to an industry report released on Monday, as production, new orders and employment all picked up.

PMI for sectors of high-tech manufacturing, equipment manufacturing and consumer goods manufacturing stood at 52.0, 51.2 and 51.4, respectively, higher than the overall manufacturing PMI level in March, indicating fast progress in new growth engines.

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