China services PMI at 50.4 in July as spending slows
Business
China's services sector just had its slowest growth in nearly a year: July's PMI dropped to 50.4 from June's 54.1, mainly because people at home are spending less.
Even with the slowdown, the index remained above the 50-mark that separates expansion from contraction, so things aren't shrinking yet.
China new business weakest since March
Growth in new business within China is at its weakest pace since March as consumers hold back on spending.
On the bright side, exports like exhibitions and study tours are still growing for a third straight month thanks to global demand.
With both manufacturing and services losing momentum, policymakers are feeling the heat to boost household spending and get confidence back on track.