Related News
November service sector growth falls to 3-month low
By Wang Yanlin |
December 5, 2011, Monday
|
Online Edition
Online Edition
CHINA'S service sector grew at the slowest pace in three months in November because of slowing new business amid a cooling economy, an HSBC survey showed today.
The HSBC Business Activity Index, a seasonally adjusted gauge of the service sector in China, fell to 52.5 in November from October's 54.1, the lowest in three months and well below the series average of 56.9. A reading above 50 indicates expansion.
In comparison, a counterpart purchasing managers' index of non-manufacturing industries, compiled by the China Federation of Logistics and Purchasing, dropped to 49.7 last month from 57.7 in October -- showing a contraction of service industry activities in China.
Compared with the HSBC survey which includes more private firms, the federation's index is slanted towards big state-owned enterprises.
"Despite slower growth of service sector activities in November, employment growth picked up to a five-month high, which should support resilient consumer spending in the coming months," said Qu Hongbin, chief economist for China at HSBC.
"With price pressures easing further, China can and should use policies that are targeted to small businesses and service sectors to keep economic growth at above 8 percent for the coming year," Qu said.
The HSBC survey showed that employment levels in the Chinese service sector had increased at the fastest pace since June last month, in response to the potential need for company expansion plans, while average input costs rose at the slowest pace in 13 months.
The HSBC Business Activity Index, a seasonally adjusted gauge of the service sector in China, fell to 52.5 in November from October's 54.1, the lowest in three months and well below the series average of 56.9. A reading above 50 indicates expansion.
In comparison, a counterpart purchasing managers' index of non-manufacturing industries, compiled by the China Federation of Logistics and Purchasing, dropped to 49.7 last month from 57.7 in October -- showing a contraction of service industry activities in China.
Compared with the HSBC survey which includes more private firms, the federation's index is slanted towards big state-owned enterprises.
"Despite slower growth of service sector activities in November, employment growth picked up to a five-month high, which should support resilient consumer spending in the coming months," said Qu Hongbin, chief economist for China at HSBC.
"With price pressures easing further, China can and should use policies that are targeted to small businesses and service sectors to keep economic growth at above 8 percent for the coming year," Qu said.
The HSBC survey showed that employment levels in the Chinese service sector had increased at the fastest pace since June last month, in response to the potential need for company expansion plans, while average input costs rose at the slowest pace in 13 months.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
