The China services PMI registered 52.3 in June, down from 54.7 in May. The muted new order growth in the country’s service sector led to an overall decline in new orders for the first time in 2012.
- Sluggish new order growth in the services sector led to a fifth month of falling order backlogs as service providers redirected resources.
- Contributing to falling order backlogs was a marginal growth in employment during June.
- Input costs fell during the month; selling prices fell at their fastest rate in 38 months.