China’s non-manufacturing purchasing managers’ index increased to 56.7 in June, up from 55.2 the month before, indicating a modest uptick in the services sector of the economy, Reuters reported. A PMI reading above 50 indicates expansion; a figure below 50 indicates contraction. The services PMI for June was the highest reading since the index reached 58.0 in March and comes even as the manufacturing PMI indicated that factory activity fell to a seven-month low in June. “The index shows stable and steady growth momentum of China’s services sector. Taking the official PMI indexes under consideration, they indicated that China’s current economic growth shows signs of stabilizing,” said Cai Jin, a vice president at the China Federation of Logistics and Purchasing. The services sector accounts for around 43% of China’s total GDP.
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