Services sector gauge sees sharp uptick in growth for July

An independent gauge of China’s services sector reached an 11-month high in July at 53.8, well above the 50-point mark delineating growth from contraction, The Wall Street Journal reported. The Markit services PMI’s improvement of two points over the previous month contrasted starkly with the research firm’s latest reading for manufacturing activity, which slumped to a 15-month low of 47.8 in July. Services, which according to government statistics contributed just under 50% of the country’s gross domestic product in the first half of 2015, are now a major employer in China, and authorities aim to see at least 10 million new urban jobs created in the sector this year.