Chinese Surveys Show Manufacturing Expanding

From AP, via the Washington Post:

China’s expanded in June, adding to signs the world’s third-largest economy is rebounding from the collapse in global trade, but few new jobs were created, according to two surveys released Wednesday.

Brokerage CLSA Asia-Pacific Markets said its purchasing managers index rose to 51.8 from May’s 51.2 on a 100-point scale where numbers above 50 show activity expanding. The state-sanctioned China Federation of Logistics and Purchasing said its own PMI edged up slightly to 53.2 from May’s 53.1.

“This PMI indicates the economy is midway through a recovery, despite some slowdown in infrastructure momentum,” Credit Suisse economist Dong Tao said in a report.

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