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Survey shows China manufacturing slump stabilizing

[August 22, 2013]  BEIJING (AP) -- A survey shows China's manufacturing slowdown is stabilizing in another possible sign the economy is improving.

HSBC Corp. said Thursday the preliminary version of its monthly purchasing managers' index for August rose to 50.1 from July's 47.7 on a 100-point scale on which numbers above 50 indicate an expansion in activity.

The bank said output and new orders increased while export orders and employment continued to decline.

"China's manufacturing growth has started to stabilize on the back of modest improvements of new business and output," said HSBC economist Hongbin Qu in a statement. He said China might see "upside surprises" in growth in coming months.

[Associated Press]

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