China's manufacturing PMI dips to 49.2 amid slow growth
China's manufacturing scene hit a rough patch in July, with the official PMI slipping to 49.2, its first drop below 50 in five months and a sign things are slowing down.
This weaker performance comes as China's economy just posted its slowest growth rate in over three years, and it caught many economists off guard.
China's new orders and production dip
New orders and production both dipped in July, reflecting softer demand at home.
Analysts say a sluggish property market and cautious spending (thanks to tough job competition) are weighing things down.
On top of that, typhoons may have disrupted factories, making matters worse.
While exports of tech like semiconductors and EVs offered some relief, China is still leaning heavily on exports as leaders push to boost spending within the country.