Goldman Sachs economists said China’s March factory activity improvement may not
signal a firm recovery, as the data could be distorted by the later-than-usual
Lunar New Year. While official PMIs showed stronger manufacturing and
nonmanufacturing activity in March, they should be read alongside weaker
January–February figures. Taken together, the data point to slightly better
manufacturing, broadly flat services, and continued weakness in construction in
1Q, Goldman said.
