Manufacturing activity in China is looking worse for wear, with revisions showing the sector is in its weakest shape in three years.
Caixin/Markit's final purchasing managers' index fell to 47.8 in July, down from 29.4 in June. But the bigger disappointment was that this was revised lower from the preliminary reading, released 10 days ago, of 48.2, and below market expectations of 48.3.
The final reading is now the lowest the index has been since August 2012, when it was 47.6. A reading below 50 indicates the manufacturing sector is contracting, and this is the fifth consecutive month the index has been below that mark.
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