A private survey of China’s services sector showed activity expanded at the slowest rate this year in August, as the post-Covid rebound wanes and the economy’s difficult outlook holds people back from spending.
The Caixin services purchasing managers’ index fell to 51.8 last month from 54.1 in July, Caixin and S&P Global said in a statement Tuesday. While the reading was still above the 50 line that separates expansion from contraction, it was the weakest pace since December.
“The recovery in China’s services sector, or even consumption, is ongoing but not as strong as people had expected,” said Larry Hu, head of China economists at Macquarie Group Ltd. “People are not very optimistic about their future income due to the economic woes, and so they tend to save more.” The data came after official PMIs last week showed services activity easing significantly last month: the sub-index’s 50.5 reading was the weakest since December. The Caixin survey focuses on smaller firms compared to the official PMI, with the latter also having a larger sample size.
One big question is whether the latest measures for the property sector — a big drag on sentiment and activity this year — will be enough to stabilize sentiment, Lam said.
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