These are the private survey services PMI results
Summary:
Chinese business activity growth picked up for the second month in a row during August
Expansion of activity was the strongest seen for six months (Composite)
- increased activity at both manufacturers and services providers
Services companies registered the quickest upturn in business activity for three months
growth in new business accelerated
- The latest increase in new work was the fastest seen in three months
- service providers expand their payrolls again in August
- rate of job creation was the fastest seen for four months
- service providers saw only a marginal rate of backlog accumulation that was the weakest in four months
The rate of input price inflation at goods producers accelerated to five-month high
- In contrast, average input prices rose at a marginal pace at services firms that was one of the slowest seen over the past eight years
- Prices charged by Chinese services firms declined during August amid reports of greater market competition
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Commenting on the China General Services PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said:
- "The Caixin China General Services Business Activity Index rose 1.2 points from July to 52.7 in August. The index of new business signalled a solid increase in workloads. Input costs increased only marginally while prices charged surprisingly fell to contraction territory.
- The Composite Output Index increased 0.5 points from July to 52.4, the highest reading since February. The recovery in both manufacturing and services has led the economic outlook to continue to improve. But we need to closely watch whether the recent rises in input costs will weigh on corporate profits and fuel inflation."
more to come
