China August official services PMI rises

BEIJING (Reuters) – Growth in China’s services industry picked up in August after dipping the previous month, an official survey showed on Friday, offering some cushion for the slowing economy as the United States ratchets up punitive tariffs on Chinese goods.

The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 54.2 from an 11-month low of 54.0 in July, well above the 50-point mark that separates growth from contraction.

The services sector accounts for more than half of China’s economy, with rising wages giving Chinese consumers more spending power.

The composite PMI, which covers both manufacturing and services activity, ticked up to 53.8 in August, from July’s 53.6.

Growth in China’s manufacturing sector unexpectedly picked up in August after sliding for two months, with the PMI rising to 51.3 from 51.2 in July.

Source: Read Full Article