A private gauge of China's manufacturing activity hit its highest level in a decade in November thanks to firm demand from domestic and overseas markets, signaling a robust manufacturing recovery in the world's second-largest economy as it rebounds from the pandemic.
The Caixin China purchasing managers index, which is weighted toward small, private manufacturers, rose to 54.9 in November from 53.6 in October, Caixin Media Co. and research firm Markit said Tuesday.
November's reading marked the seventh consecutive month that the Caixin PMI held above the 50 mark separating contraction from expansion.
Purchasing activities, overall sales, inventories and employment all grew at their steepest rates in near a decade, Caixin said.
"More and more surveyed enterprises began adding staff to meet strong market demand," Wang Zhe, a senior economist at Caixin Insight Group, said in a statement accompanying the data. The employment subindex stayed in expansionary territory for a third straight month and hit its highest level since May 2011.
China's official manufacturing PMI, focused more on large, state-owned companies, climbed to its highest level in three years at 52.1 in November from 51.4 in October, according to data released by the National Bureau of Statistics on Monday. The official survey of manufacturers has a much larger sample than the private survey.