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WASHINGTON/LONDON, Aug 1 - Manufacturers across the United States, Europe and Asia turned in a weak performance last month as factories grappled with tepid demand, surveys showed on Thursday, raising the risk of an underpowered global economic recovery.
The Institute for Supply Management's U.S. manufacturing Purchasing Managers' Index dropped to 46.8 last month, the lowest reading since November, from 48.5 in June. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the world's largest economy. An index measuring output, which feeds into a composite PMI due on Monday that is seen as a good gauge of economic health, dropped to a seven-month low of 45.6.
In Britain, however, the index rose to 52.1, its highest reading since July 2022, as optimism builds after Prime Minister Keir Starmer's landslide election victory. The Bank of England cut interest rates by a quarter percentage point to 5% on Thursday after holding them at a 16-year high for the past year.
China's Caixin/S&P Global manufacturing PMI sank to 49.8 in July from 51.8 the previous month, the lowest reading since October last year and missing analysts' forecasts of 51.5. South Korea, another key regional export engine, fared better with the PMI standing at 51.4 in July, above the 50-mark for a third month but slowing from June's 26-month high of 52.0.
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