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Posted on: Monday, August 1, 2022 – 6:34 AM | Last update: Monday August 1, 2022 – 6:34 AM
An economic report published on Monday showed a slowdown in the growth rate of the economic activity of the manufacturing sector in China last July.
According to a report issued by the Caixin Economic Information Corporation, issued today, the manufacturing purchasing managers’ index fell last month to 50.4 points, compared to 51.7 points in June.
A reading of the index more than 50 points indicates the growth of the economic activity of the sector, while a reading of less than 50 points indicates a contraction in the economic activity of the sector.
The manufacturing purchasing managers’ index (PMI) was affected last month by the weak performance of the new business sub-indices in general, as the new orders sub-index recorded a slight increase following a slight increase in the previous month. While a number of companies said that the recovery from the previous wave of closures to limit the spread of the emerging Corona virus in China, benefited from the increase in sales, some companies said that demand conditions are relatively difficult. The sub-index for exports also registered a slight improvement.
The Chinese manufacturing sector production sub-index recorded a decline last month, but it remained more than 50 points last July, retreating from its highest level in 19 months.
