RTTNews - The pace of decline in manufacturing activity slowed in July, reports said Monday citing data from the Markit Economics.

The Markit Purchasing Managers' Index or PMI rose to 47.3 in July from 42.8 in June. The was the highest reading since January 2008.

A reading above 50 indicates expansion, while a reading below 50 signals a contraction.

In July, new orders increased marginally, while output was remained unchanged. The latest fall in new export orders was the slowest since March 2008.

Andrew Harker, economist at Markit said, steep falls in employment remain a drag on overall
conditions, while continued price discounting suggests that demand is still fragile.

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