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MNI BRIEF: Caixin China July Manufacturing PMI Slows On Covid

MNI (Singapore)
BEIJING (MNI)

Caixin China's manufacturing PMI for July fell 1.3 points on month to 50.4, remaining in the expansion zone above 50 though indicating a slower recovery pace, amid traditional off-season of production and the slight rebound of Covid-19 cases , financial publisher Caixin said on Monday.

Both the production and new orders sub-indices fell in the expansion range, and manufacturers surveyed reported relatively weak demand, continued Covid-19 impact, and power outages together restricted output growth. External demand was relatively stable, with the new export orders sub-index continuing the expansion trend in the previous month.

Caixin's PMI mainly tracks small and medium-sized manufacturers, while the official PMI mainly covering large state-owned companies and released on Sunday also fell 1.2 points to 49.0 in July from June. (SEE: MNI BRIEF: China Jul Manufacturing PMI Contracts On Covid Fear).

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