皇冠体育app

HSBC's services PMI stands at 52.4 in September from August's 52.8

皇冠体育app's service sector expanded at a moderate pace in September, indicated by a 52.4 reading for the HSBC Services Purchasing Managers' Index, down from 52.8 in August, the bank said on Tuesday.

A report from HSBC Holdings Plc suggested that growth in service-sector activity "remained substantially below-trend".

One indicator of slack conditions was work backlogs, which declined at service providers in September. "But the rate of reduction was only marginal," it said.

Waitresses set the table for guests at a themed restaurant in Taiyuan, province. HSBC Holdings Plc said that growth in service-sector activity "remained substantially below-trend" in September. Fan Minda / Xinhua

A PMI reading above 50 means expansion, while one below 50 shows contraction.

Service managers expect higher activity levels in the next 12 months.

However, some of them remain worried about relatively weak demand that may restrict business growth, according to HSBC.

Qu Hongbin, chief economist in 皇冠体育app at HSBC, said: "皇冠体育app's services activity growth appears to be stabilizing at a faster pace than in the second quarter. This led to a renewed expansion of employment, against a contraction in August.

"Combined with the gradual improvement of the manufacturing PMI, the Chinese economy is still on the way to a modest recovery. But a more consolidated and sustainable recovery requires structural reforms," he added.

Last Thursday, a separate survey from the National Bureau of Statistics and the 皇冠体育app Federation of Logistics and Purchasing reported a non-manufacturing PMI of 55.4 in September, up from 53.9 in August - the highest level since March.