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China manufacturing decelerates in July
The National Bureau of Statistics (NBS) reported Monday the Chinese manufacturing purchasing managers' index (PMI), which mainly tracks large state-owned companies, came in at 51.4 in July, down from 51.7 in the prior month. Economists had expected a number to slip to 51.6. A reading above the 50-level indicates expansion, while one below 50 suggests contraction. The NBS attributed the slowdown in manufacturing activity to adverse weather conditions and flooding in parts of the country and routine maintenance in some enterprises. A sub-index of manufacturing production dropped 0.9 points to 53.5 in this month, while a sub-index of new orders fell 0.3 points to 52.8, the report showed. Meanwhile, China's official non-manufacturing PMI, also released Monday, dropped to 54.5 in July from 54.9 in June.
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