China factory activity grows at slower pace in March

BEIJING (AP) — A government survey shows China’s factory activity grew at a slower pace in March but was stronger than expected following the end of anti-virus restrictions. The monthly purchasing managers’ index issued by the China Federation of Logistics & Purchasing and the national statistics agency declined to 51.9 from February’s 52.6 on a 100-point scale. Numbers above 50 show activity increasing. Sub-measures of production and new orders in the PMI grew at a slower pace. Employment contracted. Business activity is recovering after the ruling Communist Party ended stringent anti-virus restrictions in early December. That followed a slump in activity that dragged last year’s economic growth to 3%, its second-lowest level since at least the 1970s.