New data shows that Chinese manufacturing activity contracted for a fourth straight month in July, in large part because the country’s largest economic drivers continued to wrestle with weakened demand and dips in private spending, according to a July 31 report from Investing.com.
According to data from the country’s National Bureau of Statistics, the official manufacturing purchasing managers’ index (PMI) was 49.3 in July. The reading was slightly above expectations of 49.2, as well as the prior month’s reading of 49.0, according to the report.
Any reading below 50 indicates contraction.
“Weakness in Chinese manufacturing activity — which is one of the country’s biggest economic drivers — has persisted this year despite the lifting of anti-COVID restrictions in January,” the report states. “The sector is grappling with a severe slowdown in international demand, owing to weak global economic conditions, while local demand has also dried up amid slowing capital and retail spending.”
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