Sep 04, 2024 09:45 AM
ECONOMY
Expansion in China Services Activity Falters, Caixin PMI Shows
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Growth in China’s services activity saw faltering momentum in August as employment contracted again after the previous month’s expansion, a Caixin-sponsored survey showed Wednesday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, came in at 51.6 in August, down 0.5 points from the previous month.
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- China's services activity slowed in August with the Caixin China General Services PMI falling to 51.6 from 52.1 in July, indicating weaker expansion.
- Employment within the services sector contracted, marking a negative trend for the fifth time in seven months, while external demand grew due to increased foreign tourists.
- Price pressures rose as input costs for service providers increased, and competition led to reduced prices for the first time in seven months.
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What Happened When
- the second quarter of 2024：
- Chinese economy continued the trend of stabilization, albeit weaker than market expectations.
- the previous month July 2024：
- Caixin China General Services Business Activity Index was 52.1.
- August 2024：
- Caixin China General Services Business Activity Index registered at 51.6, showing faltering momentum in services activity.
- August 2024：
- Official services PMI for August 2024 ticked up 0.2 points from July 2024 to 50.2.
- August 2024：
- Labor market fell into contraction after expanding in July 2024.
- August 2024：
- Prices charged by service providers were reduced for the first time in seven months.
- August 2024：
- Corresponding gauge for prices charged by service providers recorded its lowest level since April 2022.
- August 2024：
- Corresponding indicator for input costs brought to its highest level since June 2023.
- August 2024：
- Caixin China General Composite PMI recorded at 51.2, unchanged from July 2024.
AI generated, for reference only
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