China Factory Activity Loses Momentum, Signaling Possible Economic Slowdown

02 August, 2017, 00:53 | Author: Gladys Mathis
  • China reports official manufacturing PMI for July

Overall factory production also expanded less quickly than in June.

However, foreign demand for India-manufactured goods improved in July as new export orders continued to rise.

The United States and China failed earlier this month to agree on major new steps to reduce the US trade deficit with China, casting doubt over President Donald Trump's economic and security relations with Beijing.

Prices rose 1.3 percent last month, official data showed on Monday, while unemployment in June dropped to its lowest level since 2009, confirming the economy's robust recovery and giving the European Central Bank more ground for tightening its monetary policy in the autumn.

It came in at 51.1 for the month, ahead of the 50.4 forecast in a Reuter-polled estimate, and also above June's 50.4 reading.

"The weakening trend for demand, relatively muted cost inflationary pressures and discounted factory gate charges provide powerful tools for monetary policy easing, which has the potential to revive economic growth", Lima said. Inventories of finished goods have dropped in each month since January 2015, with July's contraction marked and similar to June.

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"The eurozone economy has rounded out the first half of the year in a very healthy state and seems to be set up nicely for continued firm growth for the rest of 2017", said Bert Colijn, senior economist at ING. However, the pace at which input costs rose was moderate.

A reading above 50 indicates expansion, while a reading below reflects contraction. The official survey showed the sector remained robust despite a slight slowdown last month.

Caixin is set to release PMI for China's service sector on Thursday.

"The shift between the old and new momentum of growth is accelerating", Chen commented.

The Nikkei Malaysia Manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 450 industrial companies. It is due to be released on Tuesday.

More important for the BoE will be Thursday's PMI for the services industry which accounts for about 80 percent of British economic output compared with manufacturing's 10 percent. "We may see a rebound in upcoming months".

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