BEIJING (AP) — A survey shows China's manufacturing activity has fallen to an 11-month low as an economic slowdown deepens.
HSBC Corp. said the preliminary version of its monthly purchasing managers index declined to 47.7 from June's 48.2. Numbers below 50 on the 100-point scale show a contraction in activity.
HSBC economist Hongbin Qu said the decline adds to pressure on the labor market and indicates Beijing will need to "introduce additional fine-tuning measures to stabilize growth."
China's economic growth fell to a two-decade low of 7.5 percent in the latest quarter, prompting suggestions Beijing might need a new stimulus.
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