China PMI Manufacturero

The Caixin China General Manufacturing PMI increased to 51.1 in March 2024 from 50.9 in the previous month, beating market estimates of 51. It was the fifth straight month of growth in factory activity and the fastest pace since February 2023, boosted by higher new orders from domestic and abroad, with foreign sales rising the most in a year while output climbed the most since last May. Meanwhile, employment declined again, indicating firms were cautious about hiring in an attempt to rein in costs. Buying activity continued to rise in line with growth in new work. On inflation, input prices fell for the first time since July, albeit only marginally, due to lower raw material costs. As a result, firms cut their selling prices for the third straight month and the most in eight months due to efforts to stimulate new demand. Finally, sentiment improved to its highest since April 2023, buoyed by hopes of rising manufacturing activity amid better forecasts of the global economic outlook.