India, Sept. 3 -- China's service sector growth accelerated in August driven by the strong upturn in new orders, survey data from S&P Global showed on Wednesday.
The headline RatingDog services Purchasing Managers' Index rose unexpectedly to 53.0 in August from 52.6 in July. Economists expect the indicator to fall to 52.4. The rate of increase was the fastest seen since May 2024.
The index remained above the threshold 50.0 mark since January 2023 signaling expansion in the sector.
New orders grew for the second straight month and logged its steepest rise since May 2024, which was partly due to new export business.
The latest rise in new business contributed to another accumulation of outstanding business. As a result, new business backl...