September 3, 2012 / 1:10 AM / 7 years ago

China official services PMI rises to 56.3 in August

BEIJING (Reuters) - China’s official purchasing managers’ index (PMI) for the services sector rose to 56.3 in August from 55.6 in July, but industry expectations are weakening, a survey from the National Bureau of Statistics showed on Monday.

The services sector index follows two PMI surveys of China’s vast manufacturing industry that showed manufacturers struggling with drops in new orders, particularly export orders, and prices falling.

A reading below 50 indicates activity is contracting and one above 50 signals expansion.

New orders slowed, the survey found, helping weaken expectations for the sector’s performance in future. The prices firms were able to charge rose, reflecting higher input prices.

The China Federation of Logistics and Purchasing conducts the survey on behalf of China’s National Bureau of Statistics.

China’s fast-growing services industry has so far weathered the global slowdown much better than the factory sector, with the PMI consistently signaling healthy expansion and hitting a 10-month high of 58.0 in March.

Reporting By Lucy Hornby and Langi Chiang; Editing by John Mair

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