Ascend in China's services sector declines in July

Ascend in China's services sector declines in July

In July, China's services sector expanded at a moderately slower pace because new business surge eased, as a private business survey revealed on Thursday, paying attention to potential softening in a major part of the world's number two economy.

The findings happened to be in line with Monday’s official estimate of the non-manufacturing sector that also showed that surge in the services sector decreased, contributing to views that the Chinese economy could slow moderately in the nearer months after a strong start to the year.

In July, the Caixin/Markit services purchasing managers' index went down to 51.5 from June’s reading of 51.6.

While the sag was marginal, the outcome matched April’s level that appeared to be the lowest result since May 2016.

New business kept expanding at a decent clip, although at a modestly slower tempo. The rate of surge in new work inched down to a 16-month minimum.

As for employment in the services industry, it improved moderately because companies kept adding employees notwithstanding a slower pace.

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