Bloomberg reported that China non manufacturing industries expanded at the slowest pace in more than a year, as export orders declined and weakness in real estate countered strength in retailing and leasing.
The National Bureau of Statistics and China Federation of Logistics and Purchasing said the purchasing managers index fell to 55.2 in May from 56.1 in April. That’s the lowest reading since March 2011 when the federation started seasonally adjusting the data.
The report adds to evidence that the world’s second-biggest economy is weakening as Europe debt crisis crimps demand and government curbs on the property market feed through to more industries. JPMorgan Chase & Co has cut its full year economic growth forecast for China twice in a month and now estimates an expansion of 7.7% down from 9.2% in 2011.
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