Manufacturing activity hits 5-year low as growth of new orders slows

The HSBC Purchasing Managers' Index, compiled by S&P Global, fell to 53.5 in July from 54.2 in June and 59.1 a year earlier. A reading above 50 indicates expansion, while one below signals contraction. The latest reading was also below the series' long-run average of 54.2. The pace of growth in new orders was the second slowest in more than four years. Survey respondents said advertising efforts and resilient demand continued to support sales, although increasingly challenging market conditions...