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China’s manufacturing sector contracts in July

by ChemOrbis Editorial Team -
  • 01/08/2016 (17:35)
According to data released by China’s National Bureau of Statistics (NBS), the country’s official manufacturing purchasing managers’ index (PMI) declined below the 50 breakeven point in July which indicates a contraction. The July PMI declined to a reading of 49.9 in July from June’s reading of 50. The recent figures also fell below economists’ expectations of 50.1 in a survey by the Wall Street Journal. The decrease in manufacturing activities was attributed to softer external demand and heavy flooding.

The new orders index fell to 50.4 from 50.5 in June while the index for factory output decreased to 52.1 in July from 52.5 in the previous month.

However, the Caixin China General Manufacturing PMI, which reflects private and export-oriented manufacturing conditions, rose to 50.6 from June’s 48.6, increasing above the 50 level for the first time since February.

Some economists commented that pressure on China’s economic growth remains in place and the government may have to implement further supportive fiscal and monetary policies.
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