China's Services PMI Pulls Back in JulyAugust 3, 2012 @ 7:41 AM EST
China Economic Update: Services PMI
The China Federation of Logistics and Purchasing (CFLP) reported that China's July non-manufacturing PMI (a measure of the services sector) pulled back to 55.6 from 56.7 in June (May: 55.2, April: 56.1, March: 58.0).
In reaction to yet another weaker economic statistic, China is talking about taking steps to stimulate the economy. Cai Jin, a vice chairman with CFLP, said in a statement Friday, “China’s Politburo has decided to boost domestic demand in the second half of this year by improving people’s spending power. That will help service industries maintain stable and fast growth.”
The federation's non-manufacturing PMI is based on a survey of about 1,200 companies in 20 industries including transport, real estate, retailing, catering and software.
Readings above 50 indicate the sector is expanding while readings below 50 are indicative of contraction.
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