China Services Expansion Cools to Weakest in Eight Months [BNN Bloomberg (Canada)]
S&P Global Inc. (SPGI)
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Source: BNN Bloomberg
The Caixin China services purchasing managers' index was 51.2 last month, according to a statement released by Caixin and S&P Global Wednesday. That slowed from 54 in May — a 10-month high — and was worse than what was expected by economists in a Bloomberg poll. A reading above 50 points to expansion. The slowdown in growth of the services sector could add to worries over the prospects of the Chinese economy. The country's housing market continued contracting despite stepped-up government policies to support it, while deflationary pressure lingers as business and consumer confidence remains sluggish. The Caixin reading was stronger than official data published over the weekend also showing the industry continued to expand in June, albeit at the slowest pace in five months. The private survey focuses on smaller firms compared to the official poll. Survey results published Monday by Caixin and S&P Global indicated expansion at Chinese factories accelerated to a three-year high, d
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