China services growth hits slowest since September 2024, private PMI shows

BEIJING, Aug 5 (Reuters) - ‌China's services ​sector ​in July expanded at its slowest pace since September 2024 as ‌growth in activity and new business moderated, ⁠a private business survey showed on Wednesday.

The RatingDog China ‌General Services Purchasing ‌Managers' Index, compiled by S&P Global, fell to 50.4 from 54.1 in June, staying ​above the 50-mark that separates expansion from contraction.

The reading was better than the ⁠official survey result, which showed services activity fell into contractionary territory.

According ​to the RatingDog survey:

• The growth pace of new business weakened to ​its slowest since March, ‌weighed down by softer domestic demand.

• Services exports grew for the third ⁠month running. Anecdotal evidence linked higher overseas client demand to exhibitions, study tours during the ⁠summer, increased financial transaction settlements and effective management.

• Firms ​added staff for a third consecutive month, though at a slower pace than in June.

• Business sentiment ‌stayed positive but softened to its lowest level since February 2020.

• The ‌Composite Output Index, which combines manufacturing and ⁠services performance, fell ‌to 50.8 from ​53.6 in June.

(Reporting by Ellen Zhang and Ryan Woo; Editing by Jacqueline ‌Wong)

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