Now logistics is an industry we seldom examine, but it's all around us - the flow of goods and services from one point to another. And it's also important because it's a barometer of growth - when it slows, it indicates an easing in manufacturing or factory activity. China's logistics industry indeed slowed in July, as demand for exports weakened amid Europe's debt crisis, sluggish US growth, and a moderating domestic economy. Figures from China Federation of Logistics and Purchasing shows the nation's logistics industry is slowing. The rate of growth in the January to July period dropped by 0.1% compared with the first six months of the year. Chinese industrial production, which is heavily dependent on logistics, has slowed following repeated interest rate hikes and other curbs as the government tries to moderate economic growth and cool stubbornly high inflation.