China’s manufacturing contracted in July, rippling through factories across Asia and signaling any turnaround in the region could still be far off.
The Caixin manufacturing purchasing managers index declined to a six-month low of 49.2 in July from 50.5 in June, below the key 50 level that marks a contraction, a private survey showed Tuesday. The official manufacturing PMI released Monday also showed a decline in China’s factory activity last month.
China’s faltering recovery weighed on Asian manufacturing powerhouses, especially in North Asia. Taiwan’s PMI slid to an eight-month low of 44.1, while Japan’s dipped slightly to 49.6, according to S&P Global and au Jibun Bank.
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