China's National Bureau of Statistics: July manufacturing PMI down to 49.4 from previous month - China report

China's National Bureau of Statistics recently revealed that the manufacturing purchasing managers' index (PMI) for July was 49.4, down 0.1 percentage point from the previous month, but the manufacturing economy is basically stable.
By company size, the PMI for large companies increased 0.4 points year-on-year to 50.5, while for medium-sized companies it was 49.4, down 0.4 points, and for small companies it was 46.7, down 0.7 points.
Among the five sub-indices that make up the manufacturing PMI, the production index was 50.1, down 0.5 points from the previous month, but it was still above the 50 mark that separates economic expansion from contraction.
The index was 49.3, the raw materials inventory ratio index was 47.8, the workforce index was 48.3, and the supplier delivery time index was 49.3, all below 50.
Meanwhile, the non-manufacturing PMI, which covers the construction and services sectors, fell 0.3 percentage points from the previous month.
Of these, the construction PMI was 51.2, down 1.1 points, and the service industry PMI was 50, down 0.2 points.