In August, the PMI of the service industry of Caixin China dropped to the lowest time

In August, the Fiscal New China General Service Industry Business Activity Index (PMI) fell to the lowest level this year, showing that the expansion of the supply and demand of the service industry slowed down.

According to Caixin.com, the PMI of the August Caixin Service Industry announced on Tuesday (September 5) recorded 51.8, a decrease of 2.3 percentage points from July, the lowest in the year, but it is still higher than the Rongku Line.EssenceEarlier, the PMI of China's manufacturing industry in August was 1.8 percentage points, which partially offset the dragging of the decline of PMI in the service industry. In August, Caixin China Comprehensive PMI slightly dropped by 0.2 percentage points to 51.7, the lowest level since February this year.

The financial service industry and manufacturing PMI are consistent with the trend of the National Bureau of Statistics, but the comprehensive PMI trend is different.According to the data released by the Bureau of Statistics, the PMI rose from the manufacturing industry in August 0.4 percentage points to 49.7, the weaker PMI of the service industry to 50.5, the new low in the year for two consecutive months, and the comprehensive PMI rebounded 0.2 percentage points to 51.3.

Sub -item data shows that the expansion of supply and demand in the service industry in August slowed down, the operating activity index fell to the lowest year, and the new order index also declined slightly.The external needs have obviously weakened and the export business has been frustrated. In August, the new export order index of the service industry fell below the critical point for the first time during the year.However, the employment of the service industry has maintained toughness. The August employment index is basically the same as July, and the seventh consecutive month is higher than that of the Rongku line.

Due to the increase in raw materials, employment, fuel and other costs, the cost of service industry continued to rise in August, but the investment price index fell to a low point in nearly six months in the expansion range.In August, the factory price of the service industry maintained expanded, but the range slowed down.The interviewed enterprise stated that due to the consideration of transfer cost pressure, the market competition is still fierce and the company's pricing capacity is limited.

Insufficient internal demand and decreased external demand have led to the lower margin of the service industry.The operation index in August fell to the lowest in December 2022.

Wang Yan, a senior economist of Caixin Think Tank, analyzed that in August, the prosperity of the manufacturing industry improved, the growth momentum of the service industry slowed down, and the downward pressure on the economy was still greater.Inadequate demand and weak expectations may form a negative cycle in a longer period of time, the uncertainty of overlay foreign demand, and the downward pressure on the economy may continue to increase.Steady expectations and increasing residents' income are still the focus of policies.The situation of internal and external economic environment is becoming increasingly complicated, and the urgency and necessity of related support policies have further increased.