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China service PMI hits 4-month high in Dec
By Hu Xiaocen |
January 3, 2013, Thursday
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Online Edition
Online Edition
CHINA'S increasingly important service sector posted the fastest growth rate in four months in December, a sign that the world's second-largest economy continued to recover near the year-end.
The Non-manufacturing Purchasing Managers' Index rose to 56.1 last month from 55.6 in November, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said today.
The official service PMI is based on responses from purchasing managers at 1,200 companies in 27 industries, including banking, retail, construction and transport. The monthly indicator is compiled on a seasonally adjusted basis. A reading above 50 indicates expansion.
"While modest, the improvement is the third straight gain, which confirms continued recovery of the Chinese economy," said Dariusz Kowalczyk, senior economist for Asia except Japan at Credit Agricole.
The sub-index of new orders climbed to an annual high of 54.3 in December, showing sustainable growth in service demand, said the bureau.
Meanwhile, future expectation stayed flat in December from a month earlier, the highest level in the second half of the year.
Both the official and private manufacturing PMIs released earlier this week hint that China's economy was rebounding near the year-end. The official measure which is weighted more toward state-owned enterprises stayed above the divide line at 50.6 last month, the same as November. The HSBC PMI that is slanted toward private and export-oriented companies hit a 19-month high.
"The absolute levels of both December manufacturing and non-manufacturing PMIs remain relatively low by historical standards and consistent with only modest rebound in economic activity. We continue to expect the current economic cycle to peak in either the fourth quarter last year or this quarter," said Kowalczyk.
The Non-manufacturing Purchasing Managers' Index rose to 56.1 last month from 55.6 in November, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said today.
The official service PMI is based on responses from purchasing managers at 1,200 companies in 27 industries, including banking, retail, construction and transport. The monthly indicator is compiled on a seasonally adjusted basis. A reading above 50 indicates expansion.
"While modest, the improvement is the third straight gain, which confirms continued recovery of the Chinese economy," said Dariusz Kowalczyk, senior economist for Asia except Japan at Credit Agricole.
The sub-index of new orders climbed to an annual high of 54.3 in December, showing sustainable growth in service demand, said the bureau.
Meanwhile, future expectation stayed flat in December from a month earlier, the highest level in the second half of the year.
Both the official and private manufacturing PMIs released earlier this week hint that China's economy was rebounding near the year-end. The official measure which is weighted more toward state-owned enterprises stayed above the divide line at 50.6 last month, the same as November. The HSBC PMI that is slanted toward private and export-oriented companies hit a 19-month high.
"The absolute levels of both December manufacturing and non-manufacturing PMIs remain relatively low by historical standards and consistent with only modest rebound in economic activity. We continue to expect the current economic cycle to peak in either the fourth quarter last year or this quarter," said Kowalczyk.
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