China’s service sector activity accelerates at a much faster pace in August as demand continues to recover across all sectors of economy from the pandemic slump. The official PMI for non-manufacturing is up from 54.2 in July to 55.2 in August, as National Bureau of statistics (NBS) data showed, still above the 50-point monthly-basis threshold separating contraction from growth.
The republic’s service sector that consists of many smaller and private companies, has been at a slower recovery pace from the crisis than the manufacturing sector, with massive job losses, salary cuts, and the constant fear of a looming second wave of Coronavirus infection keeping the customers way more cautious.
August’s official composite PMI, a combination of services activity and manufacturing, climbed from July’s 54.1 to 54.5.
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Published on September 1, 2020 8:36 AM (GMT+8)Last Updated on September 1, 2020 8:36 AM (GMT+8)