• Tuesday, March 05, 2024
businessday logo

BusinessDay

China service industry index falls after manufacturing declines

businessday-icon

A China services index fell to a four-month low in December, highlighting limits on the strength of economic growth after declines in manufacturing gauges.

The non-manufacturing Purchasing Managers’ Index slid to 54.6 in December from 56 in November, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said Friday in Beijing. A number more than 50 indicates an expansion.

China-factoryThe ruling Communist Party is trying to restructure the economy for more sustainable long-term growth, while maintaining a sufficient pace of expansion to protect jobs.

A jump in money-market rates, surging property prices in some cities and swelling local-government debt threaten to undermine the government’s efforts.

Friday’s data followed declines reported this week in two Chinese manufacturing indexes.