Private manufacturing gauge falls steeply in contrast with official figure

The Caixin China manufacturing purchasing managers index fell 2.4 points from the previous month to 47.8 in July, pointing to increased contraction for the sector as the gauge plunged further below the 50-point mark delineating growth from contraction, The Wall Street Journal reported. The measurement from Caixin Media and research firm Markit suggested a markedly worse outlook than the official figure of 50 released on Saturday, which represented a fall of only 0.2 points from June’s official reading. Analysts said the steep slide in the country’s stock market in late June and July likely had an impact on sentiment, adding to pressure from an already-weak property market and sluggish domestic and overseas demand.