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China April HSBC service PMI hits 4-month high

By Wang Yanlin | May 6, 2015, Wednesday | Online Edition

CHINA'S service activity in private firms strengthened further in April at the fastest pace in four months, a survey showed today.

The HSBC Business Activity Index, a gauge of operating conditions in private service companies, landed at 52.9 last month, up from March's 52.3, according to HSBC Holdings plc and research firm Markit.

A reading above 50 means expansion. The index indicated activity levels have now increased in each of the past nine months, and the latest expansion the quickest seen in four months.

Qu Hongbin, chief economist for China at HSBC, said the data suggested that Chinese service sector companies had a strong start to the second quarter, with activity and new orders both rising solidly in April.

"However, a downturn in manufacturing operating conditions led to a weaker expansion of overall business activity in April, and continued job shedding at manufacturing firms offset a modest rise in service sector staff numbers," Qu said.

Earlier data showed that manufacturing activity in China's private and export-oriented companies deteriorated in April with the fastest pace seen in one year with the HSBC Purchasing Managers' Index landing at 48.9, down from 49.6 in March and being lower than the previous flash reading of 49.2.

China's economic growth moderated to 7 percent in the first three months, the weakest quarterly expansion in six years and prompting the central bank to take the surprising policy-easing actions including cuts of both interest rate and reserve requirement ratio in the past two months.

Qu said more measures may be required to ensure the economy does not slow further despite the recent stimulus package.

EconomyPMI


 

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