China’s manufacturing expanded for the first time in 13 months in November in a further sign that the world’s No. 2 economy is recovering from its deepest slump since the 2008 global crisis.
HSBC Corp. said Thursday that its monthly Purchasing Managers’ Index improved to 50.4 for November on a 100-point scale on which numbers over 50 indicate expansion. That was a moderate improvement from October’s 49.5. It is the first time in 13 months that the reading has been above 50.
The PMI index measures overall manufacturing activity by surveying numerous indicators including orders, employment and actual production.
The Chinese numbers are rare good news for the world economy, which has slowed as Europe’s chronic debt crisis worsened and the American economy stagnated. Benchmark stock indexes in Hong Kong, Japan, Britain and Germany posted gains, and crude oil prices moved up.
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