IANS | 03 Aug, 2012
The Purchasing Managers Index (PMI) of China's non-manufacturing sector, a key economic indicator, dropped 1.1 percentage points to 55.6 percent in July, new survey results have indicated.
The figure dropped after a rebound in June as growth in the non-manufacturing sector stabilised, according to data released by the China Federation of Logistics and Purchasing (CFLP) Friday.
A PMI reading above 50 percent indicates expansion from the previous month, while readings below this mark indicate contraction, reported Xinhua.
"The figure shows the non-manufacturing economy has maintained steady growth," said CFLP vice chairperson Cai Jin.