China services sector growth picks up in July - Caixin

5th Aug 2024 07:43

(Sharecast News) - Activity in China's services sector picked up in July, according to a survey released on Monday.

The Caixin/S&P Global purchasing managers' index rose to 52.1 from 51.2 in June. This marked the 19 month of expansion in a row and was ahead of consensus expectations for a reading of 51.4.

A reading above 50.0 indicates expansion, while a reading below signals contraction.

The survey also showed that the new orders sub-index increased to 53.3 in July from 52.1 the month before.

Wang Zhe, senior economist at Caixin Insight Group, said: "Prices at the composite level remained weak, on the sales front in particular, further squeezing the space for company profits."