CHINA: HSBC services PMI for August: 54.1 (prior was 50.0) via ForexLive

China HSBC services PMI for August, 54.1 -  a 17-month high

• prior was 50.0

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.”

posted via ForexLive