Activity in China’s services sector expanded at the fastest pace in three months...
BEIJING - Activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, a private survey showed on Wednesday.
The Caixin/Markit services purchasing managers’ index picked up to 52.1 last month, the highest since May, compared with July’s 51.6. The index has stayed above the 50-point that separates growth from contraction on a monthly basis since late 2005. Washington began slapping 15% tariffs on a wide range of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions. Tariffs of 15% on cellphones, laptop computers, toys and clothing are to take effect on Dec. 15.
While business optimism for the year ahead improved, the reading was still below levels seen in late 2017 and early 2018 before the two countries began imposing tit-for-tat tariffs. But those measures have been slow to trickle through the economy, and with U.S. trade pressure intensifying analysts believe a deeper downturn could be inevitable without further policy support.
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