Hidden beneath the surface of China's new, barely-passable manufacturing report on Tuesday was a worrisome indicator on employment. An indicator that touched Premier Li Keqiang's "red line," as Bloomberg economist Tom Orlik put it.
China's manufacturing purchasing managers index (PMI) for March came in at 50.1, up from 49.9 the month before. It beat economists' expectation for a decline to 49.7. Anything above 50 means this massive sector is expanding.