By Michael Kitchen LOS ANGELES (MarketWatch)
One of two key gauges of China's manufacturing sector registered a contraction in July, the first such pull-back since March 2009. Reported results from the HSBC China Manufacturing Purchasing Managers Index for July, released Monday, fell to 49.4, down from 50.4 in June and below the important 50-point level that separates expansion from contraction.
The PMI survey, formerly conducted by broker CSLA, last showed a contraction in March 2009. A rival survey, released Sunday by the Chinese government's China Federation of Logistics and Purchasing, fell to 51.2, down from 52.1 in June.
Grandpa: OH NO, conflicting economic data! It would never happen in a Democracy like the United States of America. Might China be experiencing early signs of Bernanke-itis (a.k.a. "unusual uncertainty")? I thought China was going to pull the entire globe out of the economic gutter. Do not worry, CNBC will present a positive spin before the opening bell as they have all night to crunch copy.
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