And approaching the 50 expansion/contraction line.
From the Chinese communist party's outward-facing propaganda organ, Global Times, August 2:
Caixin manufacturing PMI in July falls to 50.3, lowest since May 2020
The Caixin manufacturing Purchasing Managers' Index (PMI), which gauges China's most privately-run middle and small-size manufacturers, came in at 50.3 in July, nearly matching the official PMI, down from 51.3 in June and at the lowest point since May 2020.
The trend seen in the most recent Caixin manufacturing PMI was the same as the official PMI released by the National Bureau of Statistics on Saturday, which came in at 50.4, down from 50.9 in June and at the lowest point since March 2020.
The output of the manufacturing sector continued to expand but at a lower speed, and demand decelerated for the first time in more than one year.
The production sub-index fell to a 16-month low in July, while the new order sub-index hit the lowest point in 15 months, Chinese financial news site caixin.com said in a report announcing the monthly survey results.
Surveyed enterprises said that market demand was softening and elevated production prices had capped selling volumes.
The purchasing sub-index and the producer price sub-index of the manufacturing sector both declined in July, which showed the easing pressure of inflation....
....MORE
One reason we were comfortable relaying the oil posts. Still don't know what to think about reports of China's new Covid lockdowns, and further stories that the New York Times may have been a very conflicted newspaper of record in the early days of the pandemic.
