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China’s services sector weakens in September, survey shows
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CHINA'S services activity in private firms weakened in September, ending a short rebound a month earlier and reinforcing the slowdown in the world's second-largest economy.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, pulled back to 53.5 in September from a 17-month high of 54.1 in August, according to HSBC Holdings plc and research firm Markit today.
A reading above 50 means expansion.
The earlier data showed the official non-manufacturing Purchasing Managers' Index, a similar indicator that weighs toward state-owned service companies, also returned to 54 in September from 54.4 in August.
Qu Hongbin, chief economist for China at HSBC, said the moderation was another evidence of China's slowing economy, although the sector was more resilient than manufacturing.
"Overall, the service sector held up in September, despite the downward pressure seen in the manufacturing sector," Qu said. "We think risks to growth in the near term are still on the downside, and they warrant accommodative monetary as well as fiscal policies."
The HSBC PMI, which measures the private and export-oriented manufacturing sector, posted at 50.2, unchanged from August's three-month low and down slightly from the earlier flash reading of 50.5.
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