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Chinese Economy Nosedive Continues, Sinking Oil Prices

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A poll conducted by the Caixin news service on Monday found China’s economy foundering as the second half of 2022 began, with slower manufacturing activity, higher unemployment, and a depressed real estate market.

China’s weakening economy reduced its demand for oil, combining with downbeat manufacturing data from other countries to bring oil prices down by four percent.

Caixin’s poll found that Chinese manufacturing activity slowed considerably in July — or possibly even contracted — after the latest round of coronavirus lockdowns ended in June and produced an exuberant surge in production…

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