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 basis.

    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 product developments.

    Employment rose for the first time in three months. The pace of job creation, although moderate, was the fastest since February.

    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. (SD-Agencies)