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China service sector slows surprisingly in Nov
By Wang Yanlin |
December 5, 2012, Wednesday
|
Online Edition
Online Edition
ACTIVITY at Chinese private and export-oriented service companies surprisingly weakened in November with survey respondents citing slower growth in new orders after October's week-long holiday.
The HSBC Business Activity Index, which mainly measures operating conditions in private and export-oriented service companies, fell to 52.1 last month from 53.5 in October, said HSBC Holdings Plc and research firm Markit today.
A reading above 50 means expansion, and the survey said the latest data still indicated business expansion in the service sector.
"Despite the moderating growth in service activity in November, service providers hired more workers and were more optimistic about the outlook," said Qu Hongbin, chief economist for China at HSBC. "Service sector performance is likely to get a lift from the recovering manufacturing growth as the filtering-through of easing measures is likely to boost domestic demand in the coming months."
The component indices showed that new orders received by service firms grew at a slower pace in November, and less than 12 percent of the respondents reported a rise in new orders.
In comparison, the official non-manufacturing Business Activity Index, which is weighted towards state-owned service companies, added 0.1 point to 55.6 last month, the National Bureau of Statistics said on Monday.
Unlike private firms, the state-owned enterprises said their reading of new orders rose to 53.2 in November from 51.6 a month earlier.
The HSBC Business Activity Index, which mainly measures operating conditions in private and export-oriented service companies, fell to 52.1 last month from 53.5 in October, said HSBC Holdings Plc and research firm Markit today.
A reading above 50 means expansion, and the survey said the latest data still indicated business expansion in the service sector.
"Despite the moderating growth in service activity in November, service providers hired more workers and were more optimistic about the outlook," said Qu Hongbin, chief economist for China at HSBC. "Service sector performance is likely to get a lift from the recovering manufacturing growth as the filtering-through of easing measures is likely to boost domestic demand in the coming months."
The component indices showed that new orders received by service firms grew at a slower pace in November, and less than 12 percent of the respondents reported a rise in new orders.
In comparison, the official non-manufacturing Business Activity Index, which is weighted towards state-owned service companies, added 0.1 point to 55.6 last month, the National Bureau of Statistics said on Monday.
Unlike private firms, the state-owned enterprises said their reading of new orders rose to 53.2 in November from 51.6 a month earlier.
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