8/5, 3:59 AM (Source: TeleTrader)
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China's service sector up in July

Caixin China PMI landed at 54.1 in July, going under the estimates and falling slightly compared to the figure of 58.4 recorded in June, according to a report released by the IHS Markit on Wednesday.

Despite the numbers decreasing compared to the previous month's, China’s service sector business activity still showed sustained growth with the headline index remaining above the neutral 50.

"Employment was still a key problem. The combination of expanding demand and production with shrinking employment has dogged the economy for several months. In hard times, enterprises look to shore up profits by cutting costs, like labor. Therefore improving employment requires more time and greater confidence among businesses," Chairman and Chief Economist at CEBM Group Zhengsheng Zhong said.

Breaking the News / NL