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HSBC service PMI weakens in June
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China's service activity in private firms moderated in June from May's eight-month peak, indicating slower growth in the sector, a survey showed today.
The HSBC Business Activity Index, a gauge of operating conditions in private service companies, landed at 51.8 last month, down from 53.5 in May, according to HSBC Holdings plc and research firm Markit.
A reading above 50 means expansion. The index indicated service activities, including those concerning hotels, restaurants, transport, storage, finance, post, telecommunications and renting businesses, although increased in each of the past 11 months, have shown signs of weakening.
Annabel Fiddes, an economist at Markit, said the data signaled a further loss of growth momentum in China's economy at the end of the second quarter.
"In the service sector, business activity, new orders and employment all expanded at slower rates, while optimism towards the business outlook also moderated," Fiddes said.
"The persistent underperformance of manufacturers combined with a slowdown in the service sector could prompt the authorities to introduce further stimulus measures to ensure that growth momentum improves in the second half of the year and reach the growth target of around 7 percent," Fiddes said.
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