Private service firms see slower rise in activity
Print Edition
Activity in private service companies grew at a slower pace in September, indicating weakness in China’s economy although it has been recovering strongly in the past few months, a survey showed yesterday.
The HSBC China Services Business Activity Index, a gauge of operating conditions in service firms geared toward private enterprises, was 52.4 last month, down from 52.8 in August.
A reading above 50 means growth, and the latest index signalled a moderate increase in business activity in the Chinese service sector, the survey said.
“Although the rate of expansion was the second strongest since March, growth remained weak in the context of historical data,” the report said.
The component indexes showed that new order growth eased from August’s five-month high, and job creation grew only slightly, much weaker than the series average.
Meanwhile, volumes of outstanding business fell for the fourth straight month and cost burdens that Chinese service providers face increased during September, extending the trend to 47 months.
But Qu Hongbin, chief economist for China at HSBC, said China’s service activity growth appeared to be stabilizing at a faster pace than that in the second quarter.
“This led to a renewed expansion of employment from the contraction in August,” Qu said. “Combined with the gradual improvement of the manufacturing Purchasing Managers’ Index, the Chinese economy is still on the way to a modest recovery.”
The HSBC Purchasing Managers’ Index, which measures the conditions at private and export-oriented private manufacturers, ended at 50.2 in September, from 50.1 in August.
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