Thursday, August 3, 2023

"China's July services activity expands at quicker pace - Caixin PMI"

So, will the Chinese government stimulate or not?

From Reuters, August 2/3:

China's services activity expanded at a slightly faster pace in July, supported by a jump in business in the summer travel season, a private-sector business survey showed on Thursday, partly offsetting the drag from the weak manufacturing sector.

The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.1 in July from 53.9 in June, marking an expansion of business activity across the services sector for the seventh straight month. The 50-point mark separates expansion from contraction in activity.

The data was in contrast to an official survey on Monday which showed services activity has continued to soften. Analysts said the different compositions of surveyed firms and methodologies may account for the divergence.

The world's second-largest economy staged a solid rebound in the first quarter after strict COVID curbs were suddenly removed late last year, but the recovery has faded quickly in recent months as demand at home and abroad weakens....