China’s manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed on Monday, threatening growth prospects for the third quarter.
The last time that indicator pointed to contraction for more than three consecutive months was between May and October 2019, before the pandemic, suggesting that negative sentiment among factory managers had become especially persistent.
“Meanwhile, we’re seeing improvements in inventory levels, suggesting that with destocking nearing its end, China’s manufacturing sector bottomed out in the second quarter,” he added. While the PMI’s sub-index for new orders contracted more slowly in July, the decline accelerated for the sub-index’s export component, reinforcing that economic recovery would be driven by domestic demand.The sub-index’s continued decline also “suggested further downward pressure for the coming months”, said Dan Wang, chief economist at Hang Seng Bank China.
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