China's factory gauge beats estimates on global trade resilience
Manufacturing purchasing managers index rises to eight-month high of 51.9 in May
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Beijing
CHINA'S official factory gauge rose more than estimated as export orders accelerated, signalling that trade continues to drive expansion as the global economy powers through risks.
The manufacturing purchasing managers index (PMI) rose to an eight-month high of 51.9 in May and exceeded all forecasts in Bloomberg's survey of economists, who projected the gauge to remain unchanged at 51.4. The non-manufacturing PMI, covering services and construction, rose for a third straight month to 54.9, the statistics bureau said on Thursday, from 54.8 in April. Levels above 50 indicate improvement.
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