-
China official services PMI falls to 53.4 in August
Growth in China's services industry cooled in August from the previous month, an official survey showed on Tuesday, adding to concerns that world's second-largest economy may be a risk of a sharper slowdown than earlier feared. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.4 from July's reading of 53.9, according to the National Bureau of Statistics. A reading above 50 points indicates an expansion in activity on a monthly basis, while one below that points to a contraction. The services sector has accounted for the bigger part of China's economic output for at least two years, with its ... (full story)