China's manufacturing PMI contracts for fourth straight month

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Asia Pacific

China's manufacturing PMI contracts for fourth straight month

Alarms are flashing red in China as new manufacturing figures show persistent pessimism in the sector, while services continue to disappoint. Hopes for a swift rebound after the end of COVID restrictions last year have dimmed, as factory activity contracted for a fourth straight month in July, and investors are watching Beijing's next moves closely. And while gross domestic product was up 0.8% in the second quarter, that number is well below the white-hot growth China's economy has shown in the past. Youth unemployment is also at a record 21.3%, dragged down by a flagging services activity.