China Services PMI Falls as New Orders Growth Eases

China’s official purchasing managers’ index (PMI) for the services sector fell to 55.6 in July from 56.7 in June as growth in new orders eased, although a construction services sub-index strengthened, the National Bureau of Statistics said on Friday.

In a separate private survey by HSBC, it found that China’s services firms regained some growth momentum in July, recovering from June’s 10-month low, a private-sector survey showed on Friday.

The China HSBC services purchasing managers index (PMI) rose to 53.1 in July from 52.3 in June, reflecting a rise in new orders even as sales prices and costs remained broadly unchanged.

“Despite the uptick in the headline index, the rate of activity growth was again lower than the long-run trend for the survey,” wrote Markit Economics, which compiles the survey for HSBC.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza