China Service Sector Growth Improves

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(RTTNews) - China's services activity grew at a faster pace in August driven by the increase in new business and sustained growth in employment, survey results published by S&P Global showed Thursday.

The headline RatingDog services Purchasing Managers' Index rose to 51.4 in August from 50.4 in July. The reading was expected to rise moderately to 50.6.

Although the score was the second-lowest in 14 months, activity increased in every month since January 2023.

Companies linked higher activity to greater market demand, financial improvements, client recruitment and innovation. New business expanded for the forty-fourth straight month and the pace of expansion rose from July's four-month low.

New work from international markets increased for the fourth consecutive month in August. Further, there was further increase in outstanding business.

Service providers continued to raise their workforces to meet business expansion plans and rising client demand. Employment grew for the fourth month in a row, marking the longest sequence of growth since 2023.

Companies maintained a positive outlook for activity over the next twelve months in August. Higher expected activity was linked to planned business expansions, new projects, anticipated market growth, increased promotions and improved strategies.

Input prices grew for the eighteenth straight month in August. Input price inflation accelerated since July but remained moderate. Service providers raised their output charges for the third month in a row.

At composite level, output growth picked up in August. The composite output index registered 52.1, up from 50.8 in July. Both the manufacturing and services sectors registered faster increases in both output and new business in August.

Tag: CNY

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