- HSBC China services PMI declined to 52.4 in September from 52.8 in August and came in well below the official reading of 55.4.
- With HSBC focusing on smaller private companies and the official figure on larger state-owned enterprises, the data could indicate a two-tier recovery.
- HSBC composite output dipped to 51.2 from 51.8.
- An increase in new business offset a fall in new orders, although business expectations dropped sharply to 58.7 from 62.
- "The Chinese economy is still on the way to a modest recovery," says Markit. "But a more consolidated and sustainable recovery requires structural reforms.
- Shanghai Composite +1.1%. (PR)
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Chinese services PMI slips
Oct 8 2013, 02:09 ET