China’s factory activity unexpectedly slips into contraction in July
New orders fell to 48.5 and production to 49.9 as policymakers pledged more support for domestic demand.
- China's official manufacturing PMI fell to 49.2 in July from 50.3 in June, the National Bureau of Statistics said Friday, dropping below the 50 threshold that separates expansion from contraction.
- The downturn follows the unwinding of an export rush that powered second-quarter growth, as American-bound shipments fell outright for the first time in several months.
- Factory conditions worsened as the sub-index for new orders dropped to 48.5 in July, the lowest since 2023, while China Beige Book reported job growth deteriorated across all sectors.
- Top officials at a Politburo meeting on Thursday pledged to "roll out pragmatic and effective new policies in a timely manner" to stabilize the economy and boost domestic consumption.
- Economic growth slowed to 4.3% in the April-June quarter, the weakest performance in more than three years, falling short of the official full-year target range of 4.5% to 5%.
42 Articles
42 Articles
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China's factory activity shrinks in July as demand falters, fuelling slowdown concerns
China's factory activity unexpectedly slipped into contraction in July, pressured by shrinking new orders that reinforced concerns over slowing economic growth, weak demand at home and elevated production costs.
China’s factory output contracts unexpectedly
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China’s factory activity unexpectedly slipped into contraction for the first time in five months, and construction activity fell to its lowest since the pandemic, underscoring a divide in the nation’s economy that complicates efforts to revive growth. The official manufacturing purchasing managers’ index (PMI) dropped to 49.2 in July, missing the 50.1 median estimate in a Bloomberg poll of economists. Construction and services, part of non-manuf…
In China, the official purchasing manager index for industry falls under the brand that separates growth from decline. Services and construction are also worse off, with weak data increasing the pressure on Beijing to boost domestic demand.
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