Growth in China’s services sector at 6-month low

Growth in China’s services sector slipped to a six-month low in July as new orders rose at their weakest rate in at least a year, taking some of the shine off an industry that has been a bright spot in the Chinese economy this year.

The official Purchasing Managers’ Index (PMI) for the non-manufacturing sector slowed to 54.2 points in July from June’s 55 point measure, China’s National Bureau of Statistics said yesterday.

That is the weakest reading since January. A reading above 50 in PMI surveys indicates an expansion in activity, while one below the threshold points to a contraction.