China's manufacturing sector rebounded in August and the country's economic growth remained on track, data released Thursday indicated.
China's official Purchasing Managers' Index rose to 50.9 percent in August, up from a 29-month low of 50.7 percent in July, Xinhua reported.
The August figure ended a four-month skid and surpassed a preliminary forecast of 49.8 percent by global financial services company HSBC, economists said.
The PMI is a gauge of manufacturing growth. A reading below 50 percent indicates contraction from the prior month and a reading above 50 percent indicates expansion.
China Federation of Logistics and Purchasing Deputy Chairman Cai Jin said the index indicates China's economic growth remained stable. The manufacturing index is based surveys of purchasing managers from more than 820 companies in 20 industries.
China's PMI fell for four straight months as the government enacted measures to keep price hikes in check, Xinhua said. Inflation rose to a 37-month high of 6.5 percent in July, well above the government's target 4 percent.
Ahead of next week's release of the inflation percentage, analysts predict the inflation index will drop in August but remain above 6 percent.
Most Popular Stories
- James Foley Beheading Video Is Real Thing: White House
- McDonald's Packages Coffee for National Distribution
- Apple Stock Bounces Back Big Time
- Faith Groups Divest From Fossil Fuels
- Notes From the July FOMC Meeting
- Castro-Blanco Joins Fifth Street Finance Board
- Honda's Safe Approach Pays Off in Sales
- Ballmer Steps Down From Microsoft Board
- GE Healthcare Bringing Jobs to Massachusetts
- Target Slashes Annual Profit Outlook