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China’s non-manufacturing PMI drops in August

New data shows business activity in China’s non-manufacturing sector expanded in August at a slightly slower pace from June and July.

The purchasing managers’ index, or PMI, for the non-manufacturing sector fell to 53.4 in August, down from 53.9 for July. That’s data from the National Bureau of Statistics and the China Federation of Logistics and Purchasing.

Non-manufacturing PMI tracks business activities of the service and construction sectors. A reading above 50 indicates expansion, while a reading below 50 represents contraction.

The August reading was well above the expansion-contraction line, although it was lower than the start of the quarter. The service sector sub-index stood at 52.6 in August, down from 52.8 for July, indicating slower growth in the industry.

The sub-index for the construction sector retreated to 57.8 in August, down from 60.1 for July, suggesting waning construction activities.

Meanwhile, the new order sub-index in general slid to 49.6 for August, falling to contraction territory from 50.1 for July.