China’s economic activity extended its strong growth in November, according to data released on Monday. The official manufacturing purchasing managers’ index (PMI) – a survey of sentiment among factory owners in the world’s second largest economy – rose to 52.1 last month from 51.4 in October, according to the National Bureau of Statistics (NBS), reported the South China Morning Post.
China’s non-manufacturing PMI – a gauge of sentiment in the services and construction sectors – was 56.4, above October’s reading of 56.2. Analysts had forecast 56.0. A reading above 50.0 indicates growth in sector activity, while a reading below represents contraction, said the SCMP.
The official manufacturing PMI reading was the highest since 52.4 in September 2017, while the non-manufacturing PMI was the highest reading since 56.7 in June 2012.
“The latest official PMI surveys showed that the pace of economic growth picked up in November on the back of a broad-based improvement in both services and manufacturing,” said Julian Evans-Pritchard, senior China economist at Capital Economics.