Good news and odd news


China’s official manufacturing purchasing managers index increased to 51.7 from 51.2 in May, according to data released by the National Bureau of Statistics on Friday. The June reading, the second-highest of the year, beat a median forecast of 51.1 by economists polled by The Wall Street Journal. The index has now remained above the 50 mark that separates expansion from contraction for 11 straight months.

“The expansion of manufacturing activity has accelerated,” said Zhao Qinghe, an economist with the statistics bureau. “Both domestic and overseas demand has been recovering.”

A pickup in the broader economy was also reflected in the rise of the nonmanufacturing PMI, a measure of activity outside the factory gates. The index rose to 54.9 in June from 54.5 in May, thanks to improved conditions in the construction and services sectors.

As for the odd news, when a tweet is a front-page story, something bizarre is going on. We’ll leave the analysis to Mr. Lifson.

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