China’s services PMI drops in August

According to Markit/Caixin, China’s Purchasing Managers’ Index (PMI) for the service sector was 55 in August, down from 55.5 in July, reflecting the energy crisis and COVID-19 control measures affecting Chinese service sector companies.

Caixin’s data is consistent with a report from the National Bureau of Statistics (NBS) that China’s services PMI fell to 52.6 in August from 53.8 in July.

However, the index moving above 50 indicates that China’s service sector is still expanding.

China’s manufacturing PMI, reported by Markit and Caixin, fell to 49.5 in August from 50.4 in July.

The manufacturing PMI fell for the third consecutive month as demand slowed, energy shortages prevailed, and a new round of COVID-19 outbreaks affected manufacturing in China.

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