China HSBC services PMI for August, 54.1 – a 17-month high
China HSBC composite PMI for August, 52.8
- prior was 51.6
Key points:
- New business growth hits 19-month high at service providers, but new order growth eases at manufacturers
- Composite employment declines slightly
- Average input costs rise modestly at service providers, while cost burdens decline at manufacturers
Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
- “The headline HSBC China Services PMI rebounded to a seventeen-month high of 54.1 in August, after registering an all-time low reading in July.
- Apart from the rebound in the headline number, other indices suggest a mixed picture rather than a broad-based improvement.
- The economy still faces downside risks to growth in the second half of the year from the property sector slowdown.
- We think policy makers should use further easing measures to help support the recovery.”
