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China PMI July 2022

China: Manufacturing and non-Manufacturing PMIs fall in July

The National Bureau of Statistics’ Manufacturing Purchasing Managers’ Index (PMI) fell to 49.0 in July from June’s 50.2. Consequently, the index dropped below the 50.0 no-change threshold, signaling a deterioration in business conditions from the previous month.

The headline print reflected deteriorations in output and new orders. In addition, purchasing activity softened in the surveyed month. Meanwhile, the National Bureau of Statistics’ non-Manufacturing PMI clocked in at 53.8 in July, down from June’s 54.7, due to a contraction in new orders and a sharper fall in employment. More positively, input price pressures eased notably across the manufacturing and non-manufacturing sectors, following the recent tumble in global commodity prices.

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