China's manufacturing PMI down in March

By Gokhan Ergocun

ISTANBUL (AA) - China's manufacturing sector's purchasing managers index (PMI) was down to 51.6 in March from the eight-month high in February.

In a joint statement released Monday, S&P Global and Caixin Insight said a softer rise in manufacturing production last month was the key factor for the decline in the figure.

"After output and new orders had risen solidly in February, Chinese manufacturers registered softer gains at the end of the first quarter of 2023," it added.

Although the sustained upturn in demand supported a further increase in purchasing activity, inventories continued to drop as companies maintained a cautious approach to stock building.

It said input costs stabilized after rising in each of the prior five months.

"Business confidence regarding the one-year outlook for output also remained strongly positive," it added.