Growth in China’s services sector slowed sharply in April to its lowest point since August 2011, a private sector survey showed on Monday – fresh evidence of rising risks to a revival in the world’s No.2 economy.
The HSBC services Purchasing Managers’ Index (PMI) fell to 51.1 in April from 54.3 in March, with new order expansion the slowest in 20 months and staffing levels in the service sector decreasing for the first time since January 2009.
Two separate PMIs last week had already shown that China’s manufacturing sector growth slowed, With the weakness spreading to services, which make up almost half of gross domestic product, the risk to the recovery may be increasing.
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