BEIJING -- A measure of Chinese factory activity surged last month to its highest level in nearly a decade, according to a private-sector survey, but official data and the job market tell a different story.
The Caixin/Markit Manufacturing Purchasing Managers' Index jumped 1.6 points to 52.8 in July, a high not seen since January 2011. The PMI has climbed for three consecutive months, thanks to substantial improvements to production and new orders.
