China’s service activities expanded for 6th straight month in Jul, at fastest pace since Mar – private survey
DATA MACRO
China’s service activities expanded for 6th straight month in Jul, at fastest pace since Mar – private survey
DATA MACRO

China’s service activities expanded for 6th straight month in Jul, at fastest pace since Mar – private survey

 

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China’s services activity expanded for the 6th consecutive month in July and the expansion accelerated to the fastest since March, shows a private survey.

The China Caixin Services PMI for July comes in at 54.1, the highest since March, compared to expected 52.4, previous 53.9.

The faster growth was driven by improvement in both market demand and supply and services providers increased employment to expand capacity, showed the survey. 

The sub-index for service business operation picked up slightly in July, that for new orders expanded at a faster pace, while new export orders expanded at a the slowest pace in seven months.

Employment in the services sector continued to improve, with the sub-index remained in expansion for the 6th straight month and hit the highest since March.

Driven by rising cost of labor force, raw materials, transportation and accommodation, the sub-index for service input prices remained in the expansionary territory, though slightly lower than the previous month.

Due to pressure from market competition, the sub-index for selling prices in the service sector fell slightly in expansionary territory.

Services companies remained optimistic about business outlook, with the sub-index for business expectation remained in the expansionary territory, but the reading fell to the lowest level in eight months, with some companies are concerned about sluggish global economy, showed the survey.