China's economy didn't exactly launch into orbit last month, as the purchasing managers' indexes in both the manufacturing and nonmanufacturing sectors pointed to a slower pace of growth.REUTERS
China's nonmanufacturing sector joined the country's manufacturing sector in growing at a slower rate last month, according to Bloomberg News, which cited data released Saturday by the China Federation of Logistics and Purchasing and the National Bureau of Statistics of China.
The nonmanufacturing purchasing managers' index dipped to 55.2 in May from 56.1 in April.
On Friday, the two agencies reported the manufacturing PMI dropped to 50.4 in May from 53.3 in April.
In each case, a reading above 50 indicates expansion in the sector, and a reading below 50 indicates contraction in the sector.
