More generally upbeat numbers


The manufacturing purchasing managers index increased to 51.7 in August, compared with the 51.3 forecast in a Bloomberg survey of economists, and the 51.4 reading in July. The non-manufacturing PMI slipped to 53.4 compared with 54.5 in July. Numbers higher than 50 indicate improving conditions; readings below 50 signal a worsening outlook. “China’s economy is operating at a very high level, and will remain stable until at least the fourth quarter,” said Zhou Hao, an economist at Commerzbank AG in Singapore and the only analyst who accurately forecast the August manufacturing reading in a Bloomberg survey. “China’s surprisingly robust growth performance so far this year has triggered talk about the beginning of a ’new cycle’ of sustained moderate growth, underpinned by efforts to close down redundant capacity in heavy industry,” Bloomberg Chief Asia Economist Tom Orlik wrote in a note.

We’ll see. In general it’s happier to focus on a country with an upbeat spirit rather than one where the young people whine and cry all the time.

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