MNI BRIEF: China Private Services PMI Up In July
China’ private Caixin Services PMI reached 52.1 in July, up from 51.2 in June, marking the 19th consecutive month above 50, the index provider said on Monday.
The results showed the market continued to improve, with business activity and new order sub-indexes also remaining above 50 for the past 19 months, said Wang Zhe, senior economist at Caixin Insight Group.
The employment sub-index nudged above 50 for the second time in six months as firms expanded headcount in response to growing market demand, Wang added
However, service providers faced sales pressure with limited room to increase service fees, Wang noted.
China’s Third Plenum reforms aim to boost housing markets but further monetary easing will be needed to boost sales, advisors and analysts recently told MNI. (SEE: MNI: Further Easing To Boost Property After China’s 3rd Plenum)