China continues recovery as factory output improves while eurozone rebounds – The National

China continues recovery as factory output improves while eurozone rebounds – The National

The Caixin/Markit Manufacturing PMI climbs to 52.8 in July while eurozone manufacturing also rebounded as lockdowns ease





























Employees wearing masks work at a factory of the component maker in China. Manufacturing activity in China expanded at the fastest pace in nearly a decade in July. Reuters











The world's second largest economy continued to recover from the impact of the coronavirus as Chinese factories expanded at the fastest pace in nearly a decade in July, on the back of higher domestic demand.



The Caixin/Markit Manufacturing Purchasing Managers' Index(PMI), a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy rose to 52.8 last month from June's 51.2, marking the sector's third consecutive month of growth and the biggest jump since January 2011.



A reading above 50 indicates expansion, while one below, points to a contraction.



"Overall, flare-ups of the epidemic in some regions did not hurt the improving trend of the manufacturing economy, which continued to recover as more epidemic control measures were lifted,“ Dr. Wang Zhe, senior economist at Caixin Insight Group said.



"The