China’s July manufacturing PMI falls below expectations
The decline was attributed to weaker export demand as well as unfavorable weather conditions and maintenance works at some plants.
The latest data showed that an index for new export orders slipped to 50.9 in July from a reading of 52.0 in June, pushing the index for overall factory orders down to 52.8 from 53.1. In addition, growth in the services sector also slowed to 54.5 in July from a three-month high of 54.9 in June.
However, an index for the country’s construction sector posted visible increase to a reading of 62.5 from 61.4 in the previous month on the back of the government’s investment in new infrastructure projects.
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