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China's service index hits 2-year low
By Wang Yanlin |
April 6, 2011, Wednesday
|
Online Edition
Online Edition
The index measuring the business of China's service sector fell to its lowest reading since December 2008 in March as companies complained about heavier cost burdens.
The HSBC Business Activity Index, a gauge of the service industry across the country, dropped further to 51.7 in March from February's 51.9.
It was much lower than the long-run series average of 57.5 and was at a level indicative of only a modest rate of activity expansion.
The survey found the average cost of inputs rose at a marked pace last month. A wide range of goods were reported by respondents as having increased in price during the latest survey period, wages and fuel being particularly highlighted.
"The service sector slowed for the third consecutive month," said Qu Hongbin, an HSBC economist. "It reflects the filtering-through of policy tightening effects."
But Qu added that concerns about a sharp slowdown in the service sector may not be necessary because an improving labor market and a rapid income growth will bolster the sector in the long term.
The HSBC Business Activity Index, a gauge of the service industry across the country, dropped further to 51.7 in March from February's 51.9.
It was much lower than the long-run series average of 57.5 and was at a level indicative of only a modest rate of activity expansion.
The survey found the average cost of inputs rose at a marked pace last month. A wide range of goods were reported by respondents as having increased in price during the latest survey period, wages and fuel being particularly highlighted.
"The service sector slowed for the third consecutive month," said Qu Hongbin, an HSBC economist. "It reflects the filtering-through of policy tightening effects."
But Qu added that concerns about a sharp slowdown in the service sector may not be necessary because an improving labor market and a rapid income growth will bolster the sector in the long term.
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