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Financial News: China's Service Sector Growth Accelerates In September

China's Service Sector Growth Accelerates In September

10/09/2020 - 00:03:00 (RTTNews)

(RTTNews) - China's service sector registered a strong growth in business activity in September, signaling a further recovery from the coronavirus pandemic, survey data from IHS Markit showed Friday.

The Caixin composite services Purchasing Managers' Index rose to 54.8 in September from 54.0 in August. This was the fifth consecutive increase in service sector output.

The expansion was underpinned by a sustained rise in total new business. Stronger domestic demand was the principal factor that supported new work as export orders contracted again.

Firms raised their workforce numbers for the second month in a row.

On the price front, the survey showed that the rate of input price inflation slid to a three-month low. Firms that reported higher costs attributed this to increased expenses related to transport, staff and raw materials.

Prices charged by services companies advanced for the second month in September, with some firms mentioning raising their selling prices in order to protect their margins. Business confidence regarding activity levels over the next 12 months remained strongly positive in September as companies anticipate activity to rise with the recovery in global economic conditions.

As a softer rise in manufacturing production more than offset a faster expansion of services activity, the composite output index fell to 54.5 from 55.1 in August. Nonetheless, the index continued to signal a solid increase in total business activity across China.

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