Chinese service sector PMI falls to 51.4 in November

Chinese-service-sectorAccording to the latest figures released, China's services sector recorded a slowdown in its growth rate during the month of December.

The National Bureau of Statistics said that, the official purchasing managers' index (PMI) for the non-manufacturing sector fell 54.6 in December compared to 56 in November. Experts have said that the service sector has recorded a slowdown due to a fall in business expectations during the month indicating that the world's second-largest economy might be facing a s slowdown. A rating of above 50 indicates expansion and that of below 50 shows contraction.

China's official manufacturing Purchasing Managers Index fell to the level of 51.0 in December. The figure of 51.0 in December showed that the sector still expanded but at a much slower pace. The country had recorded manufacturing Purchasing Managers Index at 51.4 in November, according to the data released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics said in a statement on Wednesday.

PMI survey of the services industry by Markit Economics and HSBC is expected to be released on 6 January, 2013.

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