Chinese Services PMI Just Got Released Early, And It Shows A Solid Jump From August

Some pleasant, and unexpectedly timed news from China, where fears of a hard landing are dominating investor thoughts.

Markit just released China Services PMI for September earlier than expected.

Markit explains on Twitter:

Reason for the early China Services PMI release: is “Due to the inadvertent release of some data to HSBC clients the China Services PMI ┬áis being released with immediate effect. Revised press releases in English and Chinese are being prepared for distribution.”

Anyway, the number is not bad:

September data showed growth of China’s private sector strengthening from near-stagnation in August. This was signalled by a rise in the seasonally adjusted HSBC Composite Output Index (covering manufacturing and services) to a three-month high of 51.5. However, the index was well below the long-run series average (54.6). Moreover, for Q3 as a whole, the index averaged its lowest quarterly reading since Q1 2009.

The uptick in overall output growth primarily reflected a faster increase in Chinese service sector activity, with the seasonally adjusted Business Activity Index climbing from a series-record low of 50.6 to 53.0 in September. The rate of expansion was solid, but remained subdued in the context of historical data. Where an increase in business activity was signalled, survey respondents commonly linked this to greater inflows of new business.

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Photo: Markit

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