China's factory activity unexpectedly worsens as exports stumble
The official manufacturing purchasing managers' index was 49.3, versus 49.7 in June, the National Bureau of Statistics (NBS) said on Thursday. The median estimate of economists surveyed by Bloomberg was 49.7. A reading below 50 indicates contraction.
The non-manufacturing measure of activity in construction and services fell to 50.1 from 50.5 last month, according to the statistics office. That compared with a forecast of 50.2.
In a statement accompanying the data release, the NBS blamed high temperatures, heavy rain, and
flooding in some regions for disrupting the manufacturing industry, which it said entered 'the traditional off-season' in July.
The PMI figures are the first official data available each month to provide a snapshot of the health of the Chinese economy.
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