Caixin China services PMI sags

The Caixin China services is actually the one that matters given it includes construction:

The Caixin China Composite PMI™ data (which covers both manufacturing and services) highlighted a stronger rise in overall business activity across China at the end of the third quarter. The Composite Output Index picked up from 51.6 in August to 51.9 in September, to signal the strongest rate of growth since April.

The improved headline reading was supported by a quicker increase in manufacturing output, as September data pointed to a softer rise in business activity across the service sector. The latter was shown by the seasonally adjusted Chinese Services Business Activity Index falling from 52.1 in August to 51.3, to signal the softest rise in activity for seven months. In contrast, goods producers saw the fastest increase in production since August 2018.

Composite new orders expanded at the steepest rate since February 2018 in September, with both manufacturers and service providers recording stronger rates of growth. Notably, services companies saw the quickest rise in new orders since January 2018, with a number of firms linking the upturn to new product releases and firmer client demand. Manufacturers registered an expansion in new work that, though modest, was the quickest since March 2018.

New work from abroad at the composite level declined further in September, albeit marginally. The reduction was driven by the manufacturing sector, which recorded a fourth successive fall in export sales. In the service sector, new export work rose for the third month running, though the rate of growth eased to a modest pace.

The employment picture across China improved during September, led by stronger job creation at services companies. Though modest, the latest expansion of service sector payrolls was the quickest seen since January 2017. Meanwhile, manufacturing employment was broadly stable for the second month in a row. As a result, staffing levels at the composite level rose at the fastest pace since January 2013.

Nice job on burying the lead there:

Credit may be helping:

But won’t get far if it is:

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