Source: IHS Markit.
China’s services bounced back to growth in September as the resurgence in local COVID-19 cases slowed down and boosted supply and demand in the sector. CSI 300 Index up +1.31%, CNY USD up +0.05%
- The Caixin China General Services Purchasing Managers’ Index stood at 53.4 last month, up from 46.7 in August, signaling a renewed and strong increase in service activity.
- The improved pandemic control situation has led to a solid increase in sales and output across the sector that drove employment into expansion territory in September.
- Wang Zhe, a senior economist at Caixin and economist at Caixin Insight Group stated that the government should focus on improving pandemic control and alleviating supply-side pressure.
- The measure of business expectations further rose in the expansionary territory in September, though still below its long-term average, with enterprises showing strong confidence that the pandemic will continue to be controlled effectively.
- Meanwhile, input and output prices both rose in the sector amid rising labor, freight, and raw material costs, signaling the hidden threat of inflation.
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