The Caixin/S&P Global services PMI, dropped to 51.8 in August, the lowest reading since December when Covid-19 confined many consumers to their homes.
Pedestrians walk past a Caixin Weekly magazine, published by Caixin Media Co., on display at a news stand in Beijing, China, on Sunday, March 6, 2016.China's services activity expanded at the slowest pace in eight months in August, a private-sector survey showed on Tuesday, as weak demand continued to dog the world's second-largest economy and stimulus failed to meaningfully revive consumption.
The Caixin/S&P Global services purchasing managers' index, or PMI, dropped to 51.8 in August from 54.1 in July, the lowest reading since December when Covid-19 confined many consumers to their homes. The 50-point mark separates expansion from contraction in activity.released last week, which showed the sector continued to trend downwards. Even the record number of passenger railway trips and stellar box office earnings during the summer failed to drive up the reading.
Although both the official and the Caixin manufacturing PMIs beat market expectations and showed an increase from July to August, softening services activity still weighs on the economy amid sluggish demand and a property downturn. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, edged down to 51.7 from 51.9 in July, marking the eighth straight month of expansion, albeit the weakest since January.
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