BEIJING--An official gauge of the nation's factory activity rose to the highest level in more than two years in October, adding to recent signs that the world's second-largest economy is stabilizing, official data showed Tuesday.
China's official manufacturing purchasing managers' index increased to 51.2 from September's 50.4 for a third straight month of expansion. In seven out of the last eight months, the index has stayed at or above the 50 mark that separates an expansion of activity from a contraction.
The October reading beat a median forecast of 50.3 by 11 economists polled by The Wall Street Journal.
The subindex measuring new orders climbed to 52.8 from 50.9 in September, while the production subindex improved to 53.3 from 52.8, the statistics bureau said.
China's official nonmanufacturing PMI, also released Tuesday, edged up to 54.0 in October from 53.7 in September.
(END) Dow Jones Newswires
October 31, 2016 21:31 ET (01:31 GMT)
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