Eng
China's factory activity deteriorated in July, as a softening of new business growth led manufacturers to scale back production. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June. (The 50-mark separates growth from contraction.)
According to the S&P Global survey, new export orders contracted for a fourth straight month and at a faster pace than in June.
Falling production together with a stable backlog prompted factory owners to lower their headcount in July.
Firms lowered their selling prices again as competition for new business intensified. But export charges increased at the fastest pace in a year due to rising shipping and logistics costs.
Source: reuters.com