China's services PMI hits slowest growth in May
By Feng Jianmin |
June 4, 2012, Monday
|
Print Edition
Print Edition
CHINA'S May non-manufacturing activities posted its slowest expansion since January as overseas demand weakened and prices fell, official data showed.
The services Purchasing Managers' Index fell to 55.2 last month, down from 56.1 in April and 58 in March, the National Statistics Bureau and the China Federation of Logistics and Purchasing said in a joint statement yesterday.
A reading above 50 indicates expansion in the PMI, which includes the transport, real estate, retail, catering and software sectors.
New export orders fell 2.2 points from April to 55.5 in May while overall new orders dipped 0.2 point, the statement said.
"Although the PMI index fell slightly in May, it was still at a relatively high level in line with the general trend of a steady growth in the non-manufacturing industries," Cai Jin, a federation vice chairman, said in the statement. "Market demand remains steady and reflects the structural changes in our country's economy."
The services grew slowly in line with a slowdown in the manufacturing industries. The manufacturing PMI compiled by the bureau and the federation fell to 50.4 in May from 53.3 in April, a report dated last Friday showed. The reading was the lowest in five months and compares with expectations of 52 said a Bloomberg News survey.
Also released yesterday, a separate gauge from HSBC Holdings Plc and Markit Economics, which focused on manufacturing by private companies, shrank for a seventh straight time - the longest since the global financial crisis.
The joint statement pointed out the fall in prices indicated that inflation was easing.
A gauge of prices companies pay for goods and services fell to 53.6 last month from 57.9 in April, the largest decline among all sub indices. Another sub-index measuring the prices charged for goods ordered fell below the 50 reading for the first time this year, indicating lower prices, the statement said.
"The price indicators ... may take some pressure off inflation," Cai said.
The services Purchasing Managers' Index fell to 55.2 last month, down from 56.1 in April and 58 in March, the National Statistics Bureau and the China Federation of Logistics and Purchasing said in a joint statement yesterday.
A reading above 50 indicates expansion in the PMI, which includes the transport, real estate, retail, catering and software sectors.
New export orders fell 2.2 points from April to 55.5 in May while overall new orders dipped 0.2 point, the statement said.
"Although the PMI index fell slightly in May, it was still at a relatively high level in line with the general trend of a steady growth in the non-manufacturing industries," Cai Jin, a federation vice chairman, said in the statement. "Market demand remains steady and reflects the structural changes in our country's economy."
The services grew slowly in line with a slowdown in the manufacturing industries. The manufacturing PMI compiled by the bureau and the federation fell to 50.4 in May from 53.3 in April, a report dated last Friday showed. The reading was the lowest in five months and compares with expectations of 52 said a Bloomberg News survey.
Also released yesterday, a separate gauge from HSBC Holdings Plc and Markit Economics, which focused on manufacturing by private companies, shrank for a seventh straight time - the longest since the global financial crisis.
The joint statement pointed out the fall in prices indicated that inflation was easing.
A gauge of prices companies pay for goods and services fell to 53.6 last month from 57.9 in April, the largest decline among all sub indices. Another sub-index measuring the prices charged for goods ordered fell below the 50 reading for the first time this year, indicating lower prices, the statement said.
"The price indicators ... may take some pressure off inflation," Cai said.
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