BEIJING (Reuters) - Growth in China’s services industry in July moderated for the first time in five months, an official survey showed on Tuesday, a sign activity is slowing in a major part of the world’s second largest economy.
The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction.
The services sector accounts for more than half of China’s economy, with rising wages giving Chinese consumers more spending power.
The composite PMI, which covers both manufacturing and services activity, fell to 53.6 in July, from June’s 54.4.
Reporting by Beijing Monitoring Desk; Editing by Sam Holmes