BEIJING (Reuters) - Growth in China’s services industry cooled in October, an official survey showed, a sign activity is slowing in a key part of the world’s second largest economy.
The official non-manufacturing Purchasing Managers’ Index (PMI) released on Wednesday fell to 53.9 from 54.9 in September, but still 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, slipped to 53.1 in October, from September’s 54.1.
Reporting by Beijing Monitoring Desk; Editing by Sam Holmes