China manufacturing picks up pace in February - WAOW - Newsline 9, Wausau News, Weather, Sports

China manufacturing picks up pace in February

SHANGHAI (AP) -- A monthly survey shows China's manufacturing gained momentum in February, helped by strength in new orders, export demand and production.

The state-affiliated China Federation of Logistics and Purchasing said Thursday that its purchasing managers index, or PMI, rose 0.5 points to 51.0 from January's 50.5 and December's figure of 50.3 in a third straight month of steady improvement.

The reading was the strongest since June 2011.

The February figure was likely boosted by the lack of a major holiday in February, since the Lunar New Year was early this year, in mid-January.

But the federation said the growth trend suggests China's economy may have stabilized despite forecasts for lower growth.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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