China’s manuf. activity continues to shrink in July

China’s manufacturing sector contracted for the third consecutive month in July, official data showed on Wednesday, fuelling expectations for additional stimulus measures to bolster the struggling economy.

The official Purchasing Managers’ Index (PMI) came in at 49.4 in July, from 49.5 in June, but still below the crucial 50-point mark that separates expansion from contraction. The figure also outpaced analyst forecasts of 49.3.

The persistent weakness in the manufacturing sector underscores the challenges facing the world’s second-largest economy, which is grappling with a protracted property crisis and rising unemployment.

Attribution: Reuters