China’s services activity expanded at its weakest rate in almost two years in September, a Caixin survey showed Monday, offering further signs that growth momentum in the world’s second-largest economy may be slowing. The Caixin China General Services Business Activity Index declined to 50.6 last month from 52.7 in August, the worst reading since December 2015, although it remains above the 50 mark that divides expansion from contraction. The drop follows a decline in the September Caixin China General Manufacturing Purchasing Managers’ Index (PMI) to 51.0 from 51.6 in August, the lowest reading since June. The Caixin China Composite Output Index, which covers manufacturing and services companies, fell to 51.4 last month from 52.4 in August, also a three-month low. “The expansion in both manufacturing and services cooled in September, suggesting downward pressure on economic growth may re-emerge in the fourth quarter,” Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin Insight Group, said in a statement.
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