Article by ForexTime
China returned from the Gold Week holiday and released its services sector activity report.
The Purchasing Managers’ Index (PMI) for the world’s second largest economy showed slight weakness in September, affected by a cooling in business activity. The data was compiled by HSBC/Markit and according to the index, there was a pull back to 53.5 in September from a 17-month high of 54.1 in August.
A reading above 50 in PMI surveys shows expansion as opposed to contraction which would be denoted by a number below 50.
Today’s private PMI survey comes after an official survey released last week from the Chinese government showed that the services sector grew at its slowest pace in eight months in September after new orders shrank for the first time since the 2008 global financial crisis, exposing more weakness in the Chinese economy.
The services sector made up 46.1 percent of gross domestic product in 2013, surpassing the secondary sector – manufacturing and construction – for the first time, as Beijing aims to create more jobs and boost domestic consumption.
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Article by ForexTime
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