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China July official services PMI dips to 54.2

Published on Aug 3, 2014 10:21 AM

BEIJING (REUTERS) - Growth in China's services sector retreated slightly in July, an official survey showed on Sunday, an indication that buoyant growth among Chinese factories has yet to fully filter through to the services industry.

The official Purchasing Managers' Index (PMI) for the non-manufacturing sector slowed to 54.2 in July from June's 55, the National Bureau of Statistics said.

A reading above 50 in PMI surveys indicates an expansion in activity while one below the threshold points to a contraction.

The services PMI followed two manufacturing surveys released on Friday that showed China's factory sector posting its strongest growth in at least 1-1/2 years last month, cementing bets that the economy is gathering steam after a spate of stimulus measures.

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