The Purchasing Managers Index (PMI) of the Chinese service sector fell sharply to 51.8 in August, up from the 54.1 expansion recorded in July, according to the latest data released by Caixin on Tuesday. This is the weakest reading in eight months, specifically since December 2022.
Production cost inflation falls to its lowest level in 6 months
Smoother increase in business activity and new orders.
Employment continues to grow in a context of increasing order book.
Production cost inflation falls to its lowest level in six months.
Commenting on the China General Services PMI™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said, “Supply and demand for services continued to expand with improving market conditions, albeit at a slower pace.” .
“The business activity and total new business indicators remained above 50 for the eighth consecutive month, but both readings were lower than in July. Foreign demand weighed down growth in Augustas new exports contracted for the first time since December,” Wang added.
Source: Fx Street
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