The services sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed on Wednesday with a PMI score of 54.1.
That’s down from the 10-year high of 58.4 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Mild capacity pressures were signaled by the latest data, as backlogs of work increased for a second month in succession. Growth was linked by panelists to the latest gains in incoming new work.
Also, the composite PMI came in at 54.5, down from 55.7 in the previous month.
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