China's non-manufacturing PMI slips to 53.5 in Jan

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The purchasing managers' index (PMI) for the nonmanufacturing sector came in at 53.5 inJanuary, down from 54.4 in December, according to a report released by the National Bureau ofStatistics, and the China Federation of Logistics and Purchasing.

The service sector subindex stood at 52.7 in January, down from 53.7 in December. Businessesrelated to retail, travel, post and courier services expanded in January, thanks to the festiveseason, NBS statistician Zhao Qinghe said.

The financial subindex weakened to 57.8 in January, down 6.9 points from December but stillsitting in positive level, influenced by the fluctuations in Chinese capital market since the start ofthis year, according to Zhao.The subindex for new orders also dipped, sitting at 49.6, showing dwindling demand in the non-manufacturing sector.

The nonmanufacturing PMI tracks business activities of both the service sector and theconstruction industry.Subindex for construction activity slipped to 57.8 in January, down 0.5 point in December, due tothe inclement weather.

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