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Monday, July 1, 2013

China's Growth Slows, Threatens World Economy

NBC News reports:
China's official purchasing managers index (PMI) slipped to 50.1 in June from 50.8 in May, according to data from the National Bureau of Statistics. The final reading of HSBC PMI, meanwhile, fell to a nine-month low of 48.2, below the flash estimate of 48.3 and down from 49.2 in the previous month.
A reading above 50 indicates expanding activity and one below 50 signals contraction.
"I think the story for China is basically that there is no story left. Economic activity in China has peaked...," Sailesh Jha, chief strategist at Arcus Capital Singapore, told CNBC on Monday.
A weakening of both external and domestic demand weighed on manufacturers last month, with falling orders and rising inventories plaguing factories, HSBC said.

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