Business

Growth in China's services sector slows in June - official PMI

Activity in China's services sector grew at a slower pace in June, official data showed on Wednesday as COVID-19 curbs from a resurgence in cases in Southern China restrained a rebound in consumption.

Sales people wait for customers at booths selling mobile phones in Beijing
FILE PHOTO: Sales people wait for customers at booths selling mobile phones in Beijing September 3, 2013. REUTERS/Kim Kyung-Hoon

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BEIJING: Activity in China's services sector grew at a slower pace in June, official data showed on Wednesday as COVID-19 curbs from a resurgence in cases in Southern China restrained a rebound in consumption.

The official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.5 in June from 55.2 in May, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.

Analysts say China's economic recovery is moving in a more even direction, as the consumption and service sectors are catching up to exports and manufacturing.

The official June composite PMI, which includes both manufacturing and services activity, fell to 52.9 from May's 54.2

(Reporting by Colin Qian, Stella Qiu and Ryan Woo; Editing by Jacqueline Wong)

Source: Reuters