China’s factory activity rebounded in January, expanding for the first time since September 2022, official data showed on Tuesday, as the “exit wave” from zero-COVID passed through the population and production lines faster than expected.
The official manufacturing purchasing managers’ index (PMI) stood at 50.1, compared with a reading of 47.0 in December, the National Bureau of Statistics (NBS) said. Economists in a Reuters poll had expected the PMI to come in at 49.8.
The 50-point mark separates contraction from growth, Reuters cited.
Non-manufacturing activity follows
Following suite, the nation’s non-manufacturing activity broke into expansion territory for the first time since September 2022, official data showed on Tuesday, as consumption and travel recovered over the Lunar New Year holiday after the lifting of pandemic curbs.
The official non-manufacturing purchasing managers’ index (PMI) for January stood at 54.4 versus 41.6 in December, above the 50-point mark that separates expansion from contraction on a monthly basis, according to National Bureau of Statistics data.
The official composite PMI, which includes both manufacturing and services activity, stood at 52.9 compared with 42.6 in December.