Survey: China manufacturing rises to 7-month high

UNSPECIFIED, CHINA - AUGUST 01: A worker conducts tests at the Jinzhu Manjiang beer factory on August 1, 2013 in Fujin, Heilongjiang Province, China. Recent significant sustained high temperatures in China are expected to push beer industry volume and revenue growth up significantly. (Photo by Lintao Zhang/Getty Images) Lintao Zhang

HONG KONG A survey says Chinese manufacturing activity rose to a seven-month high in October, suggesting continued momentum for the rebound in the world's second-biggest economy.

A preliminary version of HSBC's purchasing managers index released Thursday rose to 50.9 from 50.2 in September.

The index uses a 100-point scale on which numbers below 50 indicate contraction.

Output, new orders and new export orders all increased at a faster rate. HSBC said the recovery's momentum is likely to continue in the coming months, "creating favorable conditions for speeding up structural reforms."

Data released earlier this month showed China's economic growth rebounded to 7.8 percent in the July-September quarter after hitting a two-decade low. The growth provides relief for communist leaders, allowing them to focus on long-term reforms rather than stimulus.

Comments

CBSN Live

pop-out
Live Video

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Market News

Stock Watchlist