China’s normally robust services sector weakened sharply in September to its lowest point since November 2010, as slow growth in manufacturing finally began to feed through to the rest of the economy, an official survey showed on Wednesday.
The official purchasing managers’ index (PMI) for the sector fell to 53.7 in September from 56.3 in August, weighed by weakened construction services and transport as well as lackluster new orders overall, according to the latest survey from the National Bureau of Statistics.
The services index follows official and private sector PMI surveys of China’s vast manufacturing industry that showed growth stabilizing at a slower pace, almost certainly signaling a seventh straight quarter of slowing economic growth in the world’s second-largest economy.
via CNBC
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Alfonso Esparza