China Services PMI Slides To Lowest Since Aug 2011; 2nd Lowest On Record

China ServicesPMISlidesToLowestSinceAug 2011; 2nd LowestOnRecord

// ZeroHedge

At 50.7, HSBC’s China ServicesPMIis 0.1 aboveitspreviousrecordlowfromAugust 2011. In contrast to the manufacturing side of the economy – which lost jobs at the fastest rate since March 2009 – the services side saw a modest rise in employment but, as HSBC notes, as part of efforts to boost sales, both manufacturers and service providerscuttheirsellingpricesinJanuaryatthestrongestrateofdiscountingsinceJune 2012. The backlog of work for service providers dropped for the first time since April 2013 and new order growth was the slowest in 7 months.

HSBC’s Chief Economist noted: “The slower expansion of services activities in January reflectedsoftmanufacturinggrowthandtheimpactofBeijing’slatestmeasurestocurbofficialextravagance." Need more graft and expensive watches stat!

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