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China’s manufacturing PMI hits two-year low in July

by ChemOrbis Editorial Team -
  • 03/08/2015 (11:57)
According to final purchasing managers’ index (PMI) compiled by Markit Economics and Caixin China, a gauge of Chinese manufacturing activity sank to a two-year low of 47.8 in July after posting a reading of 49.4 in the previous month. The country’s final PMI for July also missed analysts’ preliminary estimates, which called for a reading of 48.2. Any figure above 50 indicates an expansion while any reading below 50 indicates a contraction.

A separate official manufacturing PMI compiled by China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing, meanwhile, edged down to a reading of 50 in July from 50.2 in June.

Analysts stated that steep declines in China’s stock market in late June and July contributed to the persistent weakness in the country’s manufacturing sector along with a weak property market and stagnant demand.

In the second quarter, China’s economy grew 7% compared with the same period of 2014. Although the country’s Q2 growth rate beat economists’ initial estimates, it still represented the slowest pace seen in six years.
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