China’s Mixed Economic Data Fuels Concerns About Recovery
- Manufacturing contracted in April, latest PMI figures show
- Holiday spending jumps, while housing sales increase further
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China’s economic recovery remains patchy, with latest indicators pointing to a contraction in manufacturing, while consumers splurge over the holidays and the housing market continues to rebound.
Purchasing managers’ indexes released Sunday showed an unexpected decline in factory activity in April, weighed down by weaker global demand for Chinese exports. Chinese consumers, though, continued to spend on travel and shopping, with early figures from the Labor Day holidays showing a notable jump from last year.