China's manufacturing activity contracts for fourth consecutive month

China’s manufacturing activity rose to 49.3 in July from 49.0, but remained below the 50-point threshold that separates growth from contraction. China’s manufacturing activity remained in contraction territory for the fourth consecutive month, with the official purchasing managers’ manufacturing index (PMI) coming in at 49.3, compared with the 49.2 expected by economists, according to data released by China’s National Bureau of Statistics (NBS). The PMI came in at 49.0 in June. China’s manufacturing activity fell for a fourth consecutive month in July, albeit at a slower pace than the previous month, reinforcing the need for more policy support to stimulate domestic demand. The non-manufacturing PMI in July was 51.3, compared with 53.2 in June.