Service sector slowed in January after hitting a high
China's service sector slowed in January, as a private survey showed that an index for the sector fell slightly after reaching a 17-month high in December 2016.
The Caixin General Services Purchasing Managers’ Index (PMI) edged down to 53.1 last month from 53.4 in December, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co Ltd.
A reading above 50 indicates expansion, while anything below 50 represents contraction.
The service sector accounted for more than half of China’s economy last year and for the majority of growth, as rising incomes made catering, hotels and travel services more affordable for Chinese consumers.