Posted on 08/03/2010 10:52:15 AM PDT by Chi-townChief
BEIJING (AP) — Expansion of Chinese manufacturing activity slowed for the third month in July, as production, new orders and purchasing prices all declined, a survey showed Sunday.
The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, fell to 51.2 in July from 52.1 in June. Numbers above 50 show manufacturing activity expanding.
The index, an indicator of future manufacturing trends, has remained above 50 for 17 straight months after slowing in late 2008 and early 2009. It was 53.9 in May and 55.7 in April.
Areas such as production, new orders and purchasing prices all declined, according to a summary of the survey posted on the federation's website. Meanwhile, the employment index was up.
The slowdown was expected given efforts to cool property prices by tightening credit, as well as a tapering off of government-backed stimulus spending on construction and other projects. Economic growth slowed to 10.3 percent over a year earlier in the second quarter, down from its blistering 11.9 percent first quarter pace.
The slowdown might weaken the global recovery if it cuts Chinese demand for imported iron ore, industrial machinery and other foreign goods.
"The foundation for investment and export growth is not steady enough. There is a possibility that the speed of growth in those areas could decline by a large margin," the summary quoted government analyst Zhang Liqun as saying.
However, Zhang predicted overall stable economic growth and expected growth for the whole year to be about 9.5 percent.
Wonder what the Free Trader Globalists are going to do now....with the Communist Chinese economy tanking....their poster child for global wealth redistribution is in trouble
They’ll look where they always do, downhill. They still have some worse countries out there to use for nearly free production.
I’d say the effects of reducing overconsumption by US consumers is being felt. The word will be coming down to Obama soon: Buy More Stuff.
China slowdown was bound to happen. The US consumer is tapped out and doesn’t even want chicom cr@p anymore. Expect to see the big box retailers shrinking soon
Sorry I rather buy Chinese crap than over priced union crap..
“Sorry I rather buy Chinese crap than over priced union crap..”
Outside of autos, where else do unions have a strong hold?
What this really comes down to are whose lower educated do we want to support.
Not much left to exploit. SE Asia is maxed out....the ChiComs already own Africa....India is too hot to build high tech equipment....and the Middle East muslims are too lazy.
Sorry I rather buy Chinese crap than over priced union crap..
So, to avoid Unions...you will support Communism?
Chairman Mao is proud of you...
What about all the South, Central & Norte American nations whose citizens are coming here illegally?
You can buy your cr@p from wherever you like. It’s a free country.
Personally, I avoid buying from a country that turns my dollars into advanced weapon systems that have no logical use except on us. But that’s just me.
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