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HSBC service PMI strengthens in May
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CHINA'S service activity in private firms strengthened in May at the fastest pace in eight months, a survey showed today.
The HSBC Business Activity Index, a gauge of operating conditions in private service companies, landed at 53.5 last month, up from 52.9 in April, 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, have now increased in each of the past 10 months, and the latest expansion was the strongest since September 2014.
Qu Hongbin, chief economist for China at HSBC, said the improved service sector performance helped a modest rise in overall business activity.
"Service providers saw the fastest upturn of new business in three years last month, which supported sharper growth of activity and employment," Qu said.
"But overall, growth momentum remained relatively weak, weighed down by an ongoing deterioration in manufacturing operating conditions. Therefore further stimulus measures may be required to keep up with an annual growth target of 7 percent," Qu said.
The components showed that both business activity and new orders increased at faster rates at service providers, but declined at manufacturers. Deflationary pressures also eased, with prices falling at a slower pace in both service and manufacturing producers.
Earlier data showed that manufacturing activity in China's private and export-oriented companies improved in May but remained in the land of contraction.
The HSBC Purchasing Managers' Index posted 49.2 last month, better than 48.9 in April but still below the demarcation line of 50 for the third straight month.
Meanwhile, the official non-manufacturing PMI, compiled by the National Bureau of Statistics, dropped 0.2 points from a month earlier to 53.2 in May, indicating less vibrant performance in state-owned service companies.
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