(Repeats story from Saturday; no changes to text)
BEIJING, Oct 8 Reuters) - China's services sector created
jobs at the fastest pace in seven months in September as new
business picked up, even though the overall rate of growth was
little changed from August, a private survey showed.
More signs of stability in China's economy support the
growing consensus that China's central bank will hold off on
further monetary easing such as interest rate cuts through at
least the end of the year.
The Caixin/Markit services purchasing managers' index (PMI)
dipped fractionally to 52.0 in September on a seasonally
adjusted basis from 52.1 in August, but remained well above the
50-mark that separates growth from contraction on a monthly
While most measures of activity improved, companies'
business expectations were much lower than the previous month,
when they hit a six-month high.
Services companies saw modest growth in new work in
September with some firms attributing this to new clients and
Employment rose for the first time in three months. The pace
of job creation, although moderate, was the fastest since
Caixin's composite PMI covering both the manufacturing and
services sectors also continued to show healthy expansion, with
a reading of 51.4, also slightly lower than August.
Still, economists are calling for more structural reforms
and fiscal support to encourage economic growth at a time when
monetary policy on its own is increasingly viewed as less
"Overall, the economy continued to grow in September, but
the rate of expansion fell two months in a row," said Zhengsheng
Zhong, director of macroeconomic analysis at CEBM Group.
"Fiscal policy needs to continue to support the economy,
because there is insufficient growth momentum on its own."
China's official services survey showed robust growth
continued in September at a slightly faster pace than in August.
Manufacturing surveys also suggested the economy was slowly
stabilising, with Caixin/Markit's showing activity expanded
marginally as orders picked up, while an official factory
reading stood at 50.4, identical to the previous month.
The surveys by Markit, which is a registered trade mark of
IHS Markit Limited, focus more on small and medium-sized firms.
(Reporting by Sue-Lin Wong; Editing by Kim Coghill)