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Chinese Government Reports Manufacturing Expansion

Manufacturing activity in China has expanded to its highest level in a year, according to Chinese government officials. Agence France-Presse reports that the China Federation of Logistics and Purchasing's official Purchasing Managers' Index (PMI) rose to 53.5 in April, up from 52.4 in March. A reading above 50 means the manufacturing sector is expanding. The reading is the highest level since April 2008, when the Chinese PMI reached 59.2, and is considerably higher than the record low of 38.8 set last November. Agence France-Presse says manufacturing accounts for more than 40 percent of China's economy. In the United States, manufacturing activity as measured by the PMI is reported monthly by the Institute for Supply Management, a nonprofit with no government affiliation; the U.S. index for April will be announced later today.

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