The official purchasing managers’ index for manufacturing, which measures activity at factories, jumped to 50.1 in January from 47 in December, according to the National Bureau of Statistics. It’s the first time the gauge has crossed the 50-point mark since September. A reading above 50 indicates expansion, while anything below that level shows contraction. The official non-manufacturing PMI, which tracks activity in the services and construction sectors, surged to 54.4 in January from 41.
But the abrupt change in policy caught the public off guard, leading to the rapid spread of infections. The Covid surge hit factories and consumer markets, as people were driven indoors and factories were forced to shut due to fewer people working. But it appears the chaos might be over. “The official PMIs add to evidence of a rapid rebound in economic activity this month as disruption from the reopening wave faded,” said Sheana Yue, China economist at Capital Economics.
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