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September 6, 2016

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China services PMI quickens in August

BUSINESS activity in China’s service sector accelerated slightly in August, a private survey showed yesterday.

The Caixin China General Services Purchasing Managers’ Index came in at 52.1 in August, up from 51.7 in July, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co Ltd.

A PMI reading above 50 indicates expansion, while that below 50 signals contraction.

The surveyed companies partly linked higher business activity to new projects. The sector’s employee numbers stabilized in August after a marginal reduction in July, as some service providers hired additional employees to help with new projects, the survey showed.

Compared with the previous six months, service companies indicated they were more optimistic about their business outlook for the next 12 months, citing expectations of improving market conditions and new business development.

The Caixin China General Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 service companies.


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