China service sector activity hits 8-mth low in August- Caixin PMI

Investing.com-- Chinese service sector activity grew at a slower-than-expected pace in August, a private survey showed on Tuesday, with slowing overseas demand being the key source of pressure on service providers.

The Caixin China General Services purchasing managers index (PMI) rose 51.8 in August, lower than expectations for a reading of 53.6 and Julys figure of 54.1, Caixin Insights said in a statement. August was the indexs weakest showing in eight months.

Caixin noted that the weaker reading was driven chiefly by service exporters facing weaker overseas demand, amid deteriorating economic conditions in most of Chinas biggest trade partners. Local demand remained relatively strong, helping keep the PMI in expansion territory at above 50.