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HSBC service activity index slips to 52.9
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SERVICE activity at China’s private firms eased further in October, mirroring the moderation among state-owned enterprises, a survey showed today.
The HSBC China Services Business Activity Index, a gauge of operating conditions in private service companies, slid to 52.9 last month, down from 53.5 in September and August's 17-month high of 54.1, according to HSBC Holdings plc and research firm Markit.
A reading above 50 means expansion.
The earlier data showed the official non-manufacturing Purchasing Managers' Index, a similar indicator compiled by the National Bureau of Statistics that is geared toward state-owned service companies, dropped to a nine-month low of 53.8 in October.
Despite the slow down, Qu Hongbin, chief economist for China at HSBC, said the service sector grew steadily as underlying business conditions continued to look better than in the manufacturing part of the economy.
"Both new and outstanding business improved in the service sector, and employment remained in stable expansion," Qu said.
The business outlook for the next 12 months remained positive among service providers, according to the survey.
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