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Financial News: China's Private Sector Growth Weakens In July

China's Private Sector Growth Weakens In July

08/03/2018 - 02:37:00 (RTTNews)

(RTTNews) - China's private sector growth weakened at the start of third quarter with both manufacturers and service providers registering weaker increases in activity, survey data from IHS Markit showed Friday.

The Caixin composite output index fell to 52.3 in July from 53.0 in June. Nonetheless, a reading above 50 indicates expansion in the private sector. The services Purchasing Managers' Index slid more-than-expected to 52.8 from 53.9 a month ago. The score was forecast to drop moderately to 53.5.

Services output expanded at the slowest pace in four months and manufacturing output grew at a moderate pace.

Growth in new orders also softened across both monitored sectors in July, most notably across the service sector. At the composite level, new work growth was the weakest for just over a year.

Chinese services companies continued to add to their payroll numbers in July. Workforce numbers fell for the second month in a row, albeit marginally.

Higher staffing levels and increased efforts to clear unfinished workloads led to a further decline in outstanding business at services companies in July. Overall, outstanding business rose at the weakest rate since September 2017.

Average input costs continued to rise across both the manufacturing and service sectors in July. As was the case for input costs, output charges in both sectors at the start of the third quarter.

Services companies registered a strong rise in operating expenses that was linked to higher fuel and raw material prices. As a result, services companies increased their charges at the joint-weakest rate since September 2017.

July survey data signaled a marked deterioration in optimism among services companies, with the level of positive sentiment edging down to the joint-lowest on record.

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