China’s July factory activity swings back to contraction – Caixin PMI

Employees work on a production line manufacturing metal parts for furniture at a factory in Hangzhou, Zhejiang province, China. China Daily via REUTERS/File photo

BEIJING – China’s factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad. The Caixin/S&P Global manufacturing purchasing managers’ index fell to 49.2 in July from 50.5 in June, missing analysts’ forecasts of 50.3 and marking the first decline in activity since April. The 50-point index mark separates growth from contraction.The data was in line with the government’s official PMI on Monday, raising challenges for policymakers seeking to revive momentum in China’s post-COVID recovery amid high youth unemployment, mounting local debt pressure and weak demand.

The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. New orders remained unchanged at makers of investment goods, but fell at producers of consumer and intermediate goods.

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