From HSBC:
“The headline HSBC China Services PMI fell to 51.8 in January from 53.4 in December. Both the input and output prices indices declined from the previous month.
The new business index also fell while employment improved.
The Chinese services sector continued to expand in January, albeit at a slower pace while both input and output price inflation eased.
Given continued contraction of the manufacturing sector, we believe more easing measures are warranted to support growth in the coming months.”
Employment good but index slipping.