China Services Growth Slows to a Crawl, Caixin PMI Shows

Activity in China’s services sector in September grew at the slowest pace in nine months, with sluggish job market expansion and subdued business confidence serving as drags, a Caixin-sponsored survey showed Sunday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, dropped for a second straight month, to 50.2 from 51.8 in August. A reading above 50 indicates an expansion in activity, while a number below signals a contraction.