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Workers are busy with production in a manufacturing enterprise in Changzhou, Jiangsu Province, July 15, 2022./ VCG
The Caixin services purchasing managers' index (PMI) fell to 49.3 in September from 55.0 in August, contracting for the first time in four months, a private-sector business survey showed on Saturday.
An official survey published last week also showed services activity slowing, although its reading remained slightly above the 50-point mark that separates growth from contraction on a monthly basis.
The Caixin survey showed services companies are grappling with sluggish demand, shrinking production and rising costs, although foreign orders are recovering.
The new business sub-index registered the first drop in four months in September, of which new export business expanded for the first time since December 2021.
Input prices have risen every month since June 2020, the sub-index showed, mainly driven by higher raw material and labor costs.
This led services firms to reduce their payrolls at a sharper rate, with a sub-index for employment at 48.5, in contraction territory for nine consecutive months and down from 48.9 in August.
"Policy implementation should focus on promoting employment, granting subsidies, as well as boosting demand and market confidence by sending policy signals," said Wang Zhe, senior economist at Caixin Insight Group.
(With input from Reuters)
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466