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