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China's services industry's growth dips on heat, austerity moves
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China's services industry moderated unexpectedly in August, partly due to the record heat wave and the continued austerity campaign in the world's second largest economy.
The official non-manufacturing Business Activity Index, a comprehensive gauge of the vitality of China's service industry, lost 0.2 points from a month earlier to 53.9 in August, the China Federation of Logistics and Purchasing said today. A reading above 50 means expansion.
The component indices showed that new orders increased 0.6 points to 50.9, but prices lost 1.2 points to 51.2 and business expectations retreated 1 point to 62.9.
"The service sector was stable on the whole although it grew at a slightly slower pace," said Li Maoyu, an analyst at Changjiang Securities Co. "It was partly due to the weather conditions and the government's efforts on combating waste and corruption."
Li said the sector may continue to show stable performance in the coming months without big improvements as the austerity campaign will go on to curb excessive consumption.
The official Purchasing Managers' Index, which measures operating conditions in manufacturing companies, increased to a 16-month high of 51 last month, the federation said on Sunday.
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