Growth in China's services sector slows in Jan - official PMI - Metro US

Growth in China’s services sector slows in Jan – official PMI

FILE PHOTO: Worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory in Hangzhou, Zhejiang

BEIJING (Reuters) – Activity in China’s services sector expanded at a slower pace in January, official data showed on Sunday, weighed by a flare-up in new coronavirus outbreaks.

The official non-manufacturing Purchasing Managers’ Index (PMI) slipped to 52.4 from 55.7 in December, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.

Though slower than manufacturing, China’s services sector, which includes many smaller and privately owned companies, has gained solid growth thanks to strong demand.

The official January composite PMI, which includes both manufacturing and services activity, fell to 52.8 from December’s 55.1.

(Reporting by Ryan Woo, Tina Qiao and Colin Qian; Editing by Sam Holmes)

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