A private survey of business activity in China’s services sector fell to its lowest level in eight months in August, as a flurry of economic stimulus measures seemed unable to reignite consumption demand. The Caixin China general services purchasing managers index (PMI) slipped to 51.8 last month from 54.1 in July, according to data released Tuesday by Caixin Media and S&P Global. “The slowdown in business activity coincided with a weaker increase in overall new business. This was partly due to weaker foreign demand for Chinese services, they added, citing evidence of sluggish overseas orders. Since April, a slew of disappointing economic data and population statistics has sparked concern that China may be facing a period of much slower growth.

Source: CNN September 05, 2023 06:02 UTC