2023-09-05 01:57:04
BEIJING, Sept 5 (Archyde.com) – China’s services sector activity grew in August at its weakest pace in eight months, a private survey showed on Tuesday, as weak demand continued to weigh on despite stimulus measures that were not enough to revive consumption.
The services PMI calculated by Caixin/S&P Global fell last month to 51.8, from 54.1 in July, the lowest since last December when the COVID-19 containment measures were still in force. .
However, it remained above the threshold of 50 separating contraction and expansion of activity.
These data are in line with the results of the official survey published last week.
The slowdown in the services sector continues to weigh on the world’s second-largest economy, although the manufacturing sector beat expectations and posted growth last month, according to the official survey and that of Caixin.
The composite PMI index calculated by Caixin/S&P fell back in August to 51.7, once morest 51.9 the previous month, remaining however in expansionary territory for an eighth consecutive month. (Report Ellen Zhang and Ryan Woo; French version Jean Terzian)
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