China’s non-manufacturing industries grew at a slower pace in April, a survey indicated.
A purchasing managers’ index was at 56.1, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in a statement today in Beijing. That compares with 58 for March. A reading above 50 indicates an expansion.
Manufacturing gauges for April signaled the world’s second- largest economy may be stabilizing after a slowdown. A PMI backed by the government showed the fastest expansion in a year, while a separate measure from HSBC Holdings Plc and Markit Economics indicated a slowing contraction.
The federation’s non-manufacturing PMI is based on a survey of 1,200 companies in 27 industries including transportation, real estate, retailing, catering and software.
Lu Ting, a Hong Kong-based economist with Bank of America Corp., previously described the gauge as low-quality data, subject to seasonal distortions and with much less “predictive power” than equivalent surveys for manufacturing.
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