India, Aug. 1 -- China's factory activity contracted in July as softening new orders forced manufacturers to scale back production and staffing, purchasing managers' survey results from S&P Global showed on Friday.
The manufacturing Purchasing Managers' Index fell to 49.5 in July from 50.4 in June. A score below 50.0 indicates contraction.
Production declined only for the second time since October 2023 and the fall reflects slower growth in new orders. Export orders shrank for the fourth straight month in July.
A combination of falling production and stable backlogs prompted manufacturers to lower their headcounts in July.
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Although production declined ...