The official non-manufacturing purchasing managers' index (PMI), which covers services and construction, dropped to 50.2 from 52.2 in December, as reported by the National Bureau of Statistics (NBS).
The 50-point threshold is crucial, as it distinguishes between growth and decline in activity each month. Additionally, the NBS composite PMI, which combines manufacturing and services, registered at 50.1 in January, down from 52.2 in December.