China factory activity grows for 2nd month

New figures from China show strong signs of a rebound in consumer demand. The manufacturing industry grew for a second month in a row, spurred by a drop in the number of new coronavirus cases and an end to the country's zero-COVID policy.

The National Bureau of Statistics says the manufacturing sector Purchasing Managers' Index rocketed in February to 52.6 from 50.1.
The 50-point mark separates growth from contraction.
The PMI is based on a survey of 3,200 manufacturers.

The non-manufacturing sector PMI jumped from 54.4 to 56.3. That was also a second straight month of growth. The increase was partly driven by an upswing in the service industry, including transport and hotels.