Official figures showed China’s service sector descended in May, attributing it to lower output among manufacturers, slow orders, and minimal job creation.
Caixin reported purchasing managers’ index declined to 51.2 this month from 51.8 in April. Numbers reflected the government’s services index issued earlier, which decreased to 53.1 in May from 23.5 last month.
Markets did not react much to the latest services PMI, with the the yuan trading flat at 6.58 against the US dollar and the Shanghai Composite Index ending 0.1% lower.
This sector, which accounts for most of the Chinese gross domestic product, is a key determinant to the country’s shift to consumer-oriented growth.
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