Services growth slows sharply

Source:Global Times Published: 2013-5-6 23:48:01

Growth in the country's services sector fell to its lowest level in April in nearly two years, according to a survey released Monday, marking the latest sign of a shaky recovery in China's economy.

The HSBC services purchasing managers' index (PMI) measured 51.1 in April, a sharp decline from 54.3 in March, as weak growth in new orders and payroll numbers pulled back the overall expansion of activity in the services sector, the bank said Monday.

The official PMI reading for the non-manufacturing sector released Friday by the China Federation of Logistics and Purchasing also contracted by 1.1 points to 54.5 for April.

Global Times



Posted in: Economy

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