China’s Official Services PMI Eases to 55

Growth in China’s services sector edged down from a six-month high in June, with the purchasing manufacturing index (PMI) for the industry slipping to 55, government data showed on Thursday.

That compares with a reading of 55.5 in May, according to the National Bureau of Statistics. A reading above 50 in PMI surveys indicates growth on a monthly basis, while an outcome below the threshold points to a contraction in activity.

More economic indicators are suggesting that the world’s second-largest economy is steadying as a flurry of government stimulus measures start to kick in. The results in other similar surveys of Chinese factories earlier in the week have also been upbeat.

Reuters

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