China's Services Sector Expands in December
In yet one more sign that China has not only dodged the recession but it has been largely unaffected by the troubled economies of the rest of the world, the services sector of the People's Republic expanded again in December.
According to a report in The Wall Street Journal:
An index of service-sector activity in China rose for the third straight month in December and added to recent signs of a rebound for the world's second-largest economy.
China's official non-manufacturing Purchasing Managers' Index rose to 56.1 in December from 55.6 in November, according to a statement Thursday from the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics.
The December reading marks the highest level for the index since August. A reading above 50 indicates expansion in non-manufacturing activity from the previous month, while anything below that indicates contraction.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, China, Services