Manufacturing in China expanded in March after contracting for five consecutive months, according to an official survey of factory managers released Sunday, suggesting a rebound in industrial activities following the Lunar New Year holiday. The official purchasing managers index, or PMI, rose from 49.1 in February to 50.8 in March. The PMI is on a scale up to 100, where 50 marks the cutoff between expansion and contraction.
(Bloomberg) Private-sector activity in the euro area kicked off the final quarter of 2023 with another dismal showing, suggesting the region’s economy may be in recession.Most Read from BloombergAn Oil Giant Quietly Ditched the World’s Biggest Carbon Capture PlantChina Repeats Its View That Israel Must Protect CiviliansHostages and Hezbollah Force Israel to Rethink Gaza Ground WarNobody Wants Mutual Funds NowDisney Said to Near Multibillion-Dollar Deal With RelianceS&P Global’s purchasing man
U.S. business activity ticked higher in October while output in the euro zone took a surprise turn for the worse, surveys showed on Tuesday, underscoring the diverging path for central bankers in the two regions and fanning fears the bloc may slip into recession. In the United States, the manufacturing sector pulled out of a five-month contraction on a pickup in new orders, and services activity accelerated modestly amid signs of easing inflationary pressures. S&P Global said its flash U.S. Composite Purchasing Managers Index tracking both the manufacturing and service sectors rose to 51.0 in October - one point above the 50 level that separates expansion and contraction - from a final September reading of 50.2.