More Economic News —- None Of It Good, Again

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Well, China’s manufacturing PMI is in. 

HSBC Corp.’s purchasing managers index fell to 50.4 from March’s 51.6 on a 100-point scale on which numbers above 50 show an expansion in activity.

“The slower growth of manufacturing activities in April confirmed a fragile growth recovery of the Chinese economy as external demand deteriorated,” said HSBC economist Hongbin Qu in a statement.

China’s economic growth suffered an unexpected slowdown in the first three months of the year, declining to7.7 percent from the previous quarter’s 7.9 percent. The World Bank and private sector analysts have trimmed their forecasts for full-year growth, though to still robust levels of about 8 percent. ….

Analysts say the shaky recovery is being supported by state-driven investment and could be vulnerable if trade or investment weakens.

There’s no reason to believe China will hit 8% growth this year.  They hit 7.7% in the first quarter, down from the…

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