China’s services sector activity grew at a slower pace in July, while factory activity also continued to shrink for the third month in a row, according to official surveys from the National Bureau of Statistics (NBS), putting pressure on Beijing as the economy faces slower growth and a drawn out trade war with the US, reported Reuters.
The official non-manufacturing Purchasing Managers’ Index fell to 53.7 from 54.2 in June, but stayed well above the 50-point mark that separates growth from contraction.
The official Purchasing Managers’ Index was at 49.7 in July, slightly higher than 49.4 in June, the survey from the NBS showed. The 50-point mark separates expansion from contraction on a monthly basis.