Chinese manufacturing activity unexpectedly contracted in July, as Beijing’s stringent Covid-19 restrictions and weak demand undercut hopes for a more robust economic revival
A factory in Chongqing, China.Chinese manufacturing activity unexpectedly contracted in July, official surveys showed on Sunday, as Beijing’s stringent Covid-19 restrictions and weak demand undercut hopes for a more robust economic revival, underscoring how far the country remains from any semblance of postpandemic normalcy.
The official manufacturing purchasing managers index pulled back to 49.0 in July from 50.2 in June, China’s National Bureau of Statistics said Sunday. The result pointed to a surprise contraction in economic activity, dropping below the 50 line that separates expansion from contraction and falling short of the median forecast of 50.3 among economists polled by The Wall Street Journal.
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