China’s service industries expanded at the slowest pace in February since September, adding to recent data that casts doubt on the strength of the country’s economic recovery, Bloomberg reported. The non-manufacturing Purchasing Managers’ Index – which surveys banking, retailing, construction, transport and other industries – declined to 54.5 in February from 56.2 in January, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in a statement today. A reading above 50 indicates expanding growth. Two indexes of manufacturing activity also showed moderating growth last week: The federation’s official PMI gave the weakest measure in five months, while a separate gauge from HSBC (HBC.NYSE, HSBA.LON, 0005.HKG) dropped to a four-month low.
Categories