That was the highest reading since January last year, and well above the 50-point level that separates growth from contraction for the second consecutive month.
A comparable survey of private sector activity in the euro zone also rose more than expected, to 54.0 from 52.8, even without signs of the resurgence in inflation from dangerously low levels that the
Taken together with data pointing to a solid expansion for the US, and with most stock markets rallying or near record highs, the reports |suggest the world economy is in a brighter spot.
"The strength of this morning's data from
The PMI data coincided with the latest Reuters poll on the outlook for
Analysts expect the world's number two economy to expand by 7.4 percent this year, slightly below the last reported rate of 7.5 percent.
Some analysts say that more stimulus may be needed to offset any downdraft from falling property prices and activity.
There are also increasing risks in the financial system, such as deteriorating credit quality.
The Australian dollar hit a three-week high on prospects of stronger exports to
For the euro zone, where fore-|casters are even more gloomy about growth prospects, the latest PMI data was a bright spot and triggered a rally in the euro from an eight-month low.
And while euro zone services business expanded at its fastest pace since
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