Factory activity in China fell to its lowest level in 15 months in July as shrinking orders dampened output, according to a preliminary private-sector survey announced on Friday.

The flash Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) decreased to 48.2 in July, which is the lowest reading since April 2014. It is also the fifth straight month that the reading was below 50; a level that separates contraction from expansion.

All the indicators in the preliminary survey – except that for employment – showed a month-on-month decline for July.

June’s rising trend in new orders and new export orders was not extended into July. Instead, those indicators fell to a 15-month low and 25-month low respectively. The factory output indicator retreated to 47.3, the lowest level since March 2014, the survey said.

The survey was previously sponsored by private lender HSBC. The bank ended its five-year marketing tie-up with Markit in June.