中国7月制造业及非制造业PMI双下降

中国国家统计局公布的数据显示，7月制造业采购经理指数（PMI）为49.2，环比下降1.1个百分点1；非制造业商务活动指数为49.0，环比下降1.2个百分点1。两项指数均低于50的临界点，反映经济总体出现收缩1。

从制造业内部结构看，生产指数为49.9，环比下降1.5个百分点1；新订单指数为48.5，环比下降2.7个百分点1；从业人员指数为49.0，环比上升0.5个百分点1。在非制造业中，建筑业PMI为47.0，环比下降2.0个百分点1；服务业为49.3，环比下降1.1个百分点1。

装备制造业和高技术制造业PMI分别为51.4和53.3，均保持在扩张区间1。国家统计局相关负责人表示，此次指数下降受前期制造业较快增长基数较高、部分制造业行业进入传统生产淡季等因素影响1。

China's National Bureau of Statistics released its July purchasing managers' indices showing weakness across both sectors of the economy. The manufacturing PMI fell to 49.2, down 1.1 percentage points from the previous month, while the non-manufacturing business activity index declined to 49.0, a drop of 1.2 percentage points1. Both indicators fell below the 50-point threshold, signaling overall economic contraction1.

The deterioration was broad-based within manufacturing. The production index decreased 1.5 percentage points to 49.9, while new orders contracted sharply with the new orders index falling 2.7 percentage points to 48.51. Employment showed slight resilience, with the manufacturing employment index rising 0.5 percentage points to 49.01. Within the services sector, construction was particularly weak, with its PMI declining 2.0 percentage points to 47.0, while the services industry index fell 1.1 percentage points to 49.31.

Not all manufacturing segments struggled equally. Equipment manufacturing and high-tech manufacturing posted PMI readings of 51.4 and 53.3 respectively1. The decline was partly attributed to elevated growth comparisons from the prior year and seasonal production downturns affecting certain manufacturing industries1.