China’s service sector activity grows at slower pace in June: PMI

BEIJING (Reuters) – Growth in China’s services sector activity held firm in June, an official survey showed on Sunday, despite growing pressure on the broader economy from tougher U.S. trade measures.

The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.2 from 54.3 in May, but stayed well above the 50-point mark that separates growth from contraction.

Services account for more than half of China’s economy, and rising wages have increased Chinese consumers’ spending power. But the sector softened late last year along with a slowdown in the economy.

The official June composite PMI, which covers both manufacturing and services activity, slipped to 53.0 from May’s 53.3.