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China’s services sector index dips to 53.4% in Jan
February 3, 2014, 4:24 am

A slowdown in the real estate sector affected the reading, official data showed [AP]

A slowdown in the real estate sector affected the reading, official data showed [AP]

For a third straight month in January the purchasing managers’ index (PMI) for China’s services sector slipped, new data released on Monday revealed.

The index for non-manufacturing dropped to 53.4 per cent in January, the lowest since February 2012, from 54.6 per cent in December.

A slowdown in the real estate sector affected the reading, official data showed.

A PMI reading above 50 per cent indicates expansion, while a reading below 50 per cent reflects contraction.

The monthly indicator is released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

China’s purchasing managers’ index (PMI) for the manufacturing sector also dropped to a five-month low to 50.5 per cent in January, China’s statistical bureau said on Saturday.

A slowdown in the real estate sector affected the reading, official data showed.

China clocked a 7.7-per cent growth rate in 2013.

Source: Agencies