China's services sector grows at slower pace to 51.6 in August, falls short of expectations

seekingalpha09-04

The Caixin China General Services PMI declined to 51.6 in August 2024 from 52.1 in the previous month, below market forecasts of 52.2, amid easing new order growth and a marginal drop in employment. ...

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The Caixin report showed that China’s services sector growth slowed in August and was the 20th month of growth in services activity amid cost concerns and despite the summer travel peak. The Caixin China General Composite PMI stood at 51.2 in August 2024, unchanged from July's 9-month low. It was the tenth straight month of growth in private sector activity, with faster manufacturing output growth offsetting slower services activity expansion. Looking ahead, confidence strengthened. \"There is an increasingly urgent need for China to enhance policy support and ensure the effective implementation of earlier policies,\" said Dr. Wang Zhe, senior economist at Caixin Insight Group. The Shanghai Composite fell 0.2% to around 2,797 on Wednesday, with mainland stocks struggling for clear direction as sentiment took a hit from weak services activity data. ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE). Currency: (CNY:USD)  More on China China's manufacturing PMI contracts to 49.1 in August; Caixin manufacturing PMI returns to modest growth  China's retail sales rise more than expected in July, industrial production misses forecast China’s factory activity unexpectedly contracts for first time in nine months amid soft demand conditions China's Q2 GDP growth slows to 4.7% below estimates amid property downturn, weak domestic demand China's consumer inflation rate softens in June amid weak domestic demand; PPI falls by 0.8%","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2464831146"}