CYB - China's manufacturing shrinks for first time in 3 months to 49.2 in July
2023-08-01 01:14:34 ET
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The Caixin China General Manufacturing PMI fell to 49.2 in July 2023 from 50.5 in June, missing market estimates of 50.3 while hitting its lowest reading in six months.
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It was also the first fall in factory activity since April, as new orders dropped after growing in the prior two months, foreign sales contracted the most since September 2022, and buying levels were down for the first time since January.
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"Monetary policy only has a limited effect on boosting supply," said Dr. Wang Zhe, an economist at Caixin Insight Group. "An expansionary fiscal policy that targets demand should be prioritized."
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Meanwhile, investors remain hopeful that Chinese authorities would follow through on their pledge to shore up the economy amid a weakening post-pandemic recovery.
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Now read: China pledges to expand consumption amid weak demand ; China NBS manufacturing shrinks for fourth straight month to 49.3 in July
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China's manufacturing shrinks for first time in 3 months to 49.2 in July