China’s service sector expansion accelerated midway through the third quarter, according to latest PMI® data. The upturn was supported by a quicker increase in overall new orders and a stronger rise in new export business. The improvement in sales also drove a further accumulation of backlogged work. Additionally, sentiment among service providers regarding the one-year outlook for business activity remained positive. However, despite the solid rise in new orders, companies trimmed their headcounts in August. Turning to prices, average output charges declined slightly after rising in July. This was amidst a softer ... (full story)