China HSBC Service PMI Indicates Moderation In Business Activity 07-Feb-2014

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China HSBC services business activity index fell to 50.7 in January from 50.9 in December. An index reading above 50 indicates expansion of the sector. The indicator of China’s service sector performance declined in January, indicating a moderation in the growth of overall business activity, a survey by Markit Economics and HSBC revealed Friday. The composite output index, that measures performance of both manufacturing and service sectors, dropped to 50.8 in January from 51.2 in December. Chinese service providers reported a further expansion of new order books over the month. That said, it was the weakest rise in new business since last June. As a result, total new orders rose marginally at the composite level, Markit said.