Aug 05, 2024 09:45 AM

China Services Activity Growth Bounces Back From Eight-Month Low, Caixin PMI Shows

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Growth in China’s services activity picked back up in July as employment expanded at the quickest pace in nearly a year, a Caixin-sponsored survey showed Monday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, ticked up 0.9 points to 52.1 in July, coming off an eight-month low.

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Explore the story in 30 seconds

China's services activity expanded in July, with the Caixin services PMI increasing to 52.1 from an eight-month low.
Employment grew at its fastest pace in nearly a year, and overall, the services sector outperformed manufacturing.
Despite increased costs, businesses faced price pressures, unable to raise prices, and market optimism remained low, posing challenges to economic growth.

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What Happened When

August 2023：: The labor market's corresponding indicator reached its highest point since August 2023.

Second Quarter 2024：: Growth of the Chinese economy slowed, with a lower-than-expected 4.7% growth rate.

Before July 2024：: Caixin China General Services Business Activity Index reached an eight-month low.

July 2024：: Caixin China General Services Business Activity Index ticked up 0.9 points to 52.1 as employment expanded at the quickest pace in nearly a year.

July 2024：: The official services PMI for July 2024 was released by the National Bureau of Statistics, coming in at 50, down from 50.2 in June 2024.

July 2024：: Caixin survey showed supply and demand expanded at a faster pace than in June 2024, with business activity and total new orders increasing for 19 months in a row.

July 2024：: Caixin China General Composite PMI was 51.2, down 1.6 points from the previous month.

Wednesday (Before August 2024)：: Nomura economists released a report noting three consecutive months of contraction in the official manufacturing PMI through July 2024.