Caixin August Services PMI 51.8 [Est.53.5 Prev.54.1]
Caixin August Composite PMI 51.7 [Prev.51.9].
Takeaways:
China's services PMI hits lowest YTD, composite PMI weakest since Feb.
Services operations still expanded, but at the slowest pace since Jan.
Overseas demand weakened significantly, dragging exports. New export orders < 50.
Employment in the services sector remained resilient, with the employment index essentially unchanged in August from July, >50.
Order backlogs increa...