China services growth hits three-month high, private PMI shows
FXI•China’s services PMI rose to 51.6 in September from 51.4 in August, its highest reading in three months. New business grew at its fastest pace since June, while output prices fell at their sharpest rate since April 2022.
1. Services activity expands
The RatingDog China General Services PMI rose to 51.6 in September from 51.4 in August, remaining above the 50 mark that separates growth from contraction. New business grew at its quickest rate since June, supported by improving demand, and new export orders rose at a faster pace than in August.
2. Costs and confidence
Employment rose for a fifth consecutive month, though hiring slowed to a four-month low. Input costs rose more slowly than in August, while output prices fell for the first time in four months and at their sharpest rate since April 2022. Business confidence strengthened, and the composite PMI covering manufacturing and services rose to 52.4 from 52.1.
