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Bad economic news from China is bringing some relief to oil prices

Posted on AllSides August 1st, 2022
From The Center

China’s factory activity dropped unexpectedly in July, according to new data—a sign that any economic rebound from the country’s disruptive covid lockdowns and its tumultuous real sector sector remains tenuous at best.

The official manufacturing purchasing manager’s index slipped to 49.0 in July from 50.2 in June, far below what analysts had predicted in a Reuters poll. The 50-point mark separates growth from contraction on a monthly basis.

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