China's February official services PMI rises to three-month high

China's services sector grew at its fastest pace in three months in February, data showed on Monday, a positive sign for the world's second-largest economy following a string of indicators suggesting a loss in momentum. "I'm not surprised it's up," said Ting Lu of Bank of America-Merrill Lynch in Hong Kong, noting that the Lunar New Year, a prime travel and holiday, fell in early February. The pick-up in the services PMI contrasted with Saturday's drop in the official manufacturing PMI to an eight-month low of 50.2 in February. China's services industry contributed 45 percent of gross domestic output in 2012, and it overtook manufacturing as the country's biggest employer in 2011.

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