12/5/2023 0 Comments Human fall flat factory![]() "An expansionary fiscal policy that targets demand should be prioritised." Top policymakers at a Politburo meeting had pledged to step up support for the economy and strengthen counter-cyclical adjustments in the second half of this year.īut Wang Zhe, senior economist at Caixin Insight Group, said current monetary settings would only have a limited effect on boosting supply. Manufacturers overall remained optimistic regarding the 12-month outlook for output, but the degree of positive sentiment was below the long-run series average. Lower payroll numbers were attributed to reduced sales and cost-cutting by factory owners. New export orders contracted at the steepest pace since September 2022 amid weakening global demand.Įmployment across the manufacturing sector fell for the fifth straight month in July, although the pace of job shedding eased from June. ![]() New orders remained unchanged for makers of investment goods, but fell for producers of consumer and intermediate goods. The Caixin survey showed manufacturing output shrank for the first time in six months while new orders saw the quickest reduction since December. The data was in line with the government's official PMI on Monday, raising challenges for policymakers seeking to revive momentum in China's post-Covid recovery amid high youth unemployment, mounting local debt pressure and weak demand. The 50-point index mark separates growth from contraction. The Caixin/S&P Global manufacturing purchasing managers' index (PMI) fell to 49.2 in July from 50.5 in June, missing analysts' forecasts of 50.3 and marking the first decline in activity since April. China's factory activity swung to contraction in July, a private sector survey showed on Tuesday, with supply, demand and export orders all deteriorating as firms blamed sluggish market conditions at home and abroad.
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