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MNI BRIEF: China Jul Manufacturing PMI Contracts On Covid Fear

MNI (Singapore)

The China Purchasing Managers' Index (PMI) unexpectedly declined to 49.0 in July from June's 50.2, falling into the contraction territory again after shortly bouncing back from Covid-19 lockdowns, as fresh virus flare ups weighed, data from the National Bureau of Statistics on Sunday showed.

Both the production and new order sub-indices fell 3.0 and 1.9 percentage points to 49.8 and 48.5, respectively, back to the contraction territory.

The non-manufacturing PMI decreased by 0.9 points to 53.8, with service activities also declining by 1.5 pps to 52.8. Businesses in air transportation, accommodation and catering are above 60.0, as previously suppressed consumer demand continues to release.

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