China's factory activity increased at a slower pace in March, while activity in the nation s service and construction sectors rebounded more strongly in the wake of the Covid-19 Pandemic, according to official gauges released Friday.
The official manufacturing purchasing managers index decreased to 51.9 in March from 52.6 in February, according to the National Bureau of Statistics on Friday. The result beat the 51.3 forecast from a Wall Street Journal poll of economists.
Despite the decline, the index stayed in expansionary territory for the third consecutive month after Beijing removed its Covid restrictions at the end of last year. A reading above the 50 mark indicates an increase in activity, while a reading below 50 indicates a contraction. The subindex for production fell to 54.6 in March from 56.7 in February, staying in expansionary territory for two months in a row. The official non-manufacturing PMI, which includes both service and construction activity, increased to 58.2 in March from 56.3 in February, according to the statistics bureau. In March, the subindex tracking service activity increased to 56.9 from 55.6 in February. The construction subindex increased to 65.5 in March, compared to 60.2 in February.