The HSBC China services PMI is out and fell marginally in September:
HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled a further expansion of output in September. Output growth has now been recorded for two successive months. The rate of expansion remained modest, despite having eased since August, with the HSBC China Composite Output Index posting at 51.2 in September, down from 51.8 in August.
The HSBC composite looks like this:
Hardly awe inspiring.
This survey should not be confused with the official non-manufacturing PMI, which does not measure services. Nor the official manufacturing PMI, nor the HSBC manufacturing PMI. All four measure different things. The only ones that really matter to markets are the two manufacturing PMIs.
