BEIJING, Feb. 7 (UPI) -- China's purchasing managers' index for manufacturing and service businesses slipped in January from December, Markit Economics reported Friday.
The index known as the HSBC China Composite PMI fell from 51.2 in December to 50.8, a figure just above the break-even point of 50.
Any number over 50 on the PMI index indicates growth.Figures below indicate business contraction.
The index for manufacturing "eased to the weakest in four months" and showed only slight gains, Markit said. The index for service-oriented firms also slipped slightly, dropping from 50.9 in December to 50.7 in January.
"The slower expansion of services activities in January reflected soft manufacturing growth and the impact of Beijing's latest measures to curb official extravagance," said Markit Chief Economist for China Hongbin Qu.
"We expect services growth to bounce back a little in the coming months. Yet a meaningful improvement relies on stronger growth of manufacturing sectors," he said.
