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China's services sector sustains recovery as hiring picks up: Caixin PMI

Reuters
Reuters9/3/2020 11:30 AM GMT+08  • 2 min read
China's services sector sustains recovery as hiring picks up: Caixin PMI
The recovery in China’s service sector activity extended into a fourth straight month in August, an industry survey showed on Thursday, with companies hiring more people for the first time since January.
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The recovery in China’s service sector activity extended into a fourth straight month in August, an industry survey showed on Thursday, with companies hiring more people for the first time since January.

The Caixin/Markit services Purchasing Managers’ Index (PMI) slipped to 54.0 from July’s 54.1, dipping for the second month after June’s decade high, but staying above the 50-mark that separates monthly growth from contraction.

The services sector, which accounts for about 60% of the economy and half of urban jobs, had been slower to return to growth initially than large manufacturers, but the recovery has gathered pace in recent months as COVID-19 restrictions on public gatherings lifted.

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