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PMI rise a positive sign for the service sector
By Wang Yanlin |
August 3, 2010, Tuesday
|
Online Edition
Online Edition
THE Purchasing Managers' Index for China's non-manufacturing sector rose to 60.1 in July, up 2.7 points from the previous month due to more demand in retail and catering services, the China Federation of Logistics and Purchasing said today.
The non-manufacturing PMI includes a set of indices to measure the non-manufacturing sector's activity. A reading above 50 indicates expansion, while that below 50 indicates contraction.
The July rise came after two consecutive monthly drops and was the fifth straight month for the reading to stagy above 50.
The new orders index jumped to 55.8 last month, up 2.9 points from the result in June. The index for the real estate industry swung back to a level above 50.
The federation urged the government to adhere to its policy of striking a balance between stable and relatively fast economic growth and revamping the economic structure, according to Xinhua news agency.
China will stick to a relatively loose monetary stance in the second half of this year, with an emphasis on implementing policy flexibility, the People's Bank of China said on Sunday.
The central bank's notice was in line with the previously stated stance.
China's economic leaders have ruled out major shifts in coming months by repeatedly pledging to maintain policy consistency and stability.
The official China Manufacturing Purchasing Managers' Index softened to 51.2 in July from June's 52.1, the lowest since February 2009.
The non-manufacturing PMI includes a set of indices to measure the non-manufacturing sector's activity. A reading above 50 indicates expansion, while that below 50 indicates contraction.
The July rise came after two consecutive monthly drops and was the fifth straight month for the reading to stagy above 50.
The new orders index jumped to 55.8 last month, up 2.9 points from the result in June. The index for the real estate industry swung back to a level above 50.
The federation urged the government to adhere to its policy of striking a balance between stable and relatively fast economic growth and revamping the economic structure, according to Xinhua news agency.
China will stick to a relatively loose monetary stance in the second half of this year, with an emphasis on implementing policy flexibility, the People's Bank of China said on Sunday.
The central bank's notice was in line with the previously stated stance.
China's economic leaders have ruled out major shifts in coming months by repeatedly pledging to maintain policy consistency and stability.
The official China Manufacturing Purchasing Managers' Index softened to 51.2 in July from June's 52.1, the lowest since February 2009.
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