China: Caixin/S&P Global Services PMI falls to 55.0 in August from 55.5 prior

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The Caixin/S&P Global services PMI for August stood at 55.0 points compared to 55.5 the previous monthwhich shows that the growth of the country’s service sector activity slowed down in the reported month.

August survey data suggests that the rally was supported by a strong increase in global saleswhile companies reported a higher number of customers as market conditions continued to normalize.

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Wang Zhe, chief economist at Caixin Insight Group, stated: “The recovery of the services sector after the widespread outbreak of Covid-19 at the beginning of the year continued despite new outbreaks“.

Both supply and demand for the sector expanded. The services PMI and indicator of total startups fell slightly from July but remained well above 50. Although some companies mentioned that the recent Covid outbreaks affected their operations, most reported that business improved. Compared, new export business fell for the eighth consecutive month as the pandemic continued to weigh on overseas demandWang added.

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Source: Fx Street

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