China's service sector growth continues decline in June
- By Matt Velker
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China.org.cn, July 4, 2011
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Follow the stock market. Get the updates you need to make sense of the dynamic, global economy. China.org.cn brings you the economic highlights for this week . |
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A service sector purchasing managers' index fell to 57 percent from 61.9 percent in May, the China Federation of Logistics and Purchasing said Sunday. |
1. China's service sector growth continues decline in June
China's non-manufacturing industries expanded at the slowest pace in four months in June as efforts to fight inflation slowed growth in the world's second-largest economy. A service sector purchasing managers' index fell to 57 percent from 61.9 percent in May, the China Federation of Logistics and Purchasing said Sunday. A figure above 50 indicates an expansion. Meanwhile, a manufacturing index tumbled in June to its lowest level in 28 months as export sector activity cooled, according to a July 1 report. Non-manufacturing PMI is calculated based on data from industries including real estate, transport, retailing, catering and software. China's inflation rate remained high despite government efforts to rein in price increases and eliminate excess liquidity. The country's consumer price index, a key gauge of inflation, rose by 5.5 percent in May from a year earlier, its fastest jump in 34 months.
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