Service industry growth in China declined in May according to a survey on Monday, indicating that the worst economic downturn of the country in 6 years may be deepening.
The non-manufacturing Purchasing Managers’ Index (PMI) was down to 53.2, from April’s 53.4, the National Bureau of Statistics said on its website.
A reading above 50 points indicates growth on a monthly basis, while one below that points to contraction.
Growth in China’s services companies has been more resilient than at its ailing factories, but the sector has succumbed to the broader economic cool down in recent months.
The material has been provided by InstaForex Company – www.instaforex.com
Service industry growth in China declined in May according to a survey on Monday, indicating that the worst economic downturn of the country in 6 years may be deepening.
The non-manufacturing Purchasing Managers’ Index (PMI) was down to 53.2, from April’s 53.4, the National Bureau of Statistics said on its website.
A reading above 50 points indicates growth on a monthly basis, while one below that points to contraction.
Growth in China’s services companies has been more resilient than at its ailing factories, but the sector has succumbed to the broader economic cool down in recent months.
The material has been provided by InstaForex Company – www.instaforex.com
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