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China's composite private sector output, which includes both manufacturing and services output, continued to expand in September, a report by Markit Economics and HSBC Holdings Plc said Friday.
The seasonally adjusted Composite Output Index stood at 57.8 in September, remaining comfortably above the threshold level of 50, although it fell from a 22-year high reading of 59.4 in August. A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
The level of new orders for service providers expanded in the month, but at a weaker pace. This, combined with a slower rise in new work received by manufacturers, meant that overall new business growth eased slightly from a month ago, Markit said. Outstanding business in the private sector rose for the sixth consecutive month in September, but at a slower pace.
Services employment grew at a solid pace, and combined with the faster employment growth in the manufacturing sector, the overall employment grew at the strongest pace in two years.
Prices charged by service providers rose for the third consecutive month, reflecting a rising cost of inputs and client demand. Average cost burden for service providers rose further in September, reflecting higher labor related and promotional costs. Input prices rose at the most marked pace in the current six month period of inflation, but combined with weaker manufacturers' cost burden, the overall input price price inflation was the slowest for 3 months. Overall growth in output prices eased to a three-month low reflecting a slower rise in manufacturers' factory gate prices.
Meanwhile, the HSBC Business Activity Index, which reveales conditions in the services sector alone, stood at 58.1 in September, down from 60.6 in August.
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