Chinese Services Growth Picks Up

Chinese service sector activity rose to a four-month high in August, reflecting higher levels of incoming work, new survey data showed on Friday.

Markit Economics said the HSBC services purchasing managers' index rose to a seasonally adjusted 57.6. A reading above 50 indicates expansion while one below suggests contraction.

New work received by Chinese service providers rose substatially in August, at a rate that was the fastest since April. Stronger activity translated to higher employment in the service sector, with the rate of job creation quickening to a three-month high.

Meanwhile, the composite PMI, which is a weighted average of the manufacturing and services PMIs, came in at 54.6 in August, up from 52.6 in July. (Provided by RTTNews)