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Growth in China's services sector slows in April - official PMI

Reuters
·1-min read
People walk at the Bund in front of Lujiazui financial district of Pudong in Shanghai

BEIJING (Reuters) - Activity in China's services sector grew at a slower pace in April but remained well in expansionary territory, official data showed on Friday, as the domestic consumption recovery continued.

The official non-manufacturing Purchasing Managers' Index (PMI) slipped to 54.9 from 56.3 in March, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.

While the recovery in China's services sector, which includes many smaller and private companies, has lagged manufacturing, a gradual improvement in consumption has supported activity.

The official April composite PMI, which includes both manufacturing and services activity, fell to 53.8 from March's 55.3.

(Reporting by Colin Qian and Gabriel Crossley; Editing by Sam Holmes)