With all the new talk about a double-dip in the economy, you can sense the centre of attention shifting away from Europe, and towards the two poles of the global economy: The US and China. A bona fide slowdown in either one would seriously rattle global markets, and lately the data has been consistently disappointing.
The latest out of China confirms the trend.
China’s manufacturing expanded at a slower pace for a second month in June, adding to signs that growth in the world’s third-largest economy is moderating.
The Purchasing Managers’ Index fell to 52.1 from 53.9 in May, the Federation of Logistics and Purchasing said in an e- mailed statement today. That was less than the median 53.2 estimate in a Bloomberg News survey of 12 economists.