Private company service activity eases
Print Edition
CHINA’S service activity in private firms eased in June from an eight-month peak in May, indicating the sector grew slowly, a survey showed yesterday.
The HSBC Business Activity Index, a gauge of operating conditions in private service companies, was at 51.8 last month, down from 53.5 in May, according to HSBC Holdings plc and research firm Markit.
A reading above 50 means expansion. The index indicated that service activities in the hotel, restaurant, transport, storage, finance, post, telecommunications and rental sectors have shown signs of weakening despite rising in each of the past 11 months.
Annabel Fiddes, an economist at Markit, said the data meant the growth pace in China’s economy eased further at the end of the second quarter.
“In the service sector, business activity, new orders and employment all expanded at slower rates, while optimism toward the business outlook also moderated,” Fiddes said.
The official non-manufacturing PMI, compiled by the National Bureau of Statistics, rose 0.6 points from a month earlier to 53.8 in June, signalling a more vibrant performance in state-owned service companies.
Earlier data showed the HSBC Manufacturing Purchasing Managers’ Index, a similar gauge slated toward private and export-oriented industrial companies, was at 49.4 last month, up from 49.2 in May but below June’s flash reading of 49.6. It has been below the demarcation line of 50 for the fourth straight month.
“The persistent underperformance of manufacturers and a slowdown in the service sector could prompt the authorities to introduce further stimulus measures so that the growth pace improves in the second half of the year and hits the growth target of around 7 percent,” Fiddes said.
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