China September official services PMI rises to 54.9

08-Oct-2018

Growth in China’s services industry picked up for the second month in September, an official survey showed, offering some cushion for the slowing economy as trade tensions with the United States escalate.

The official non-manufacturing Purchasing Managers’ Index (PMI) released on Sunday rose to 54.9 from 54.2 in August, 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 54.1 in September, from August’s 53.8.

Source: REUTERS