|Composite - Level||51.8||51.9|
|Services - Level||52.1||51.7|
The Caixin China General Services Business Activity Index rose from 51.7 in July to 52.1 in August. The Caixin China Composite PMI, which covers both the manufacturing and services sectors, showed a small fall from 51.9 in July to 51.8 in August, with the improvement in services sector conditions slightly outweighed by stagnant manufacturing activity. The manufacturing PMI, published at the start of the month, fell from 50.6 in July to 50.0 in August.
Respondents to the services sector survey reported slightly weaker new orders compared with last month, with manufacturing survey respondents also reporting weaker growth in new business. The surveys suggest service sector staff numbers stabilized last month while job losses in the manufacturing sector moderated to their slowest pace so far this year.
Both surveys showed weaker increases in input costs last month. The manufacturing survey showed some easing in prices charged, while the services sector survey showed the weakest increase in prices charged in five months.
The Caixin China Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.
The Caixin China Composite PMI is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, and is based on original survey data collected from a representative panel of over 800 companies based in the Chinese manufacturing and service sectors.
The PMIs have developed an outstanding reputation for providing the most up-to-date possible indication of what is really happening in the private sector economy by tracking variables such as sales, employment, inventories and prices. The indexes are widely used by businesses, governments and economic analysts in financial institutions to help better understand business conditions and guide corporate and investment strategy. In particular, central banks in many countries use the data to help make interest rate decisions. PMI surveys are the first indicators of economic conditions published each month and are therefore available well ahead of comparable data produced by government bodies.
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