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Service PMI falls in April amid slowing economy
By Wang Yanlin |
May 3, 2013, Friday
|
Online Edition
Online Edition
CHINA'S service activity cooled in April due to less demand amid a slowing economy, a survey showed today.
The Non-manufacturing Purchasing Managers' Index, a comprehensive gauge of the vitality of China's service industry, lost 1.1 points to 54.5 in April, said the China Federation of Logistics and Purchasing.
A reading above 50 means business expansion. The service PMI has stayed above that level for one year.
The sub-index for new orders fell 1.1 points from a month earlier to 50.9 due to weak demand in April. The sub-index for prices slumped 4.2 points to 47.6, the first price contraction in one year.
But business expectation rose to 62.5, up 0.1 points from that in March, suggesting relatively positive sentiment among service providers, the federation said.
China's gross domestic product expanded 7.7 percent in the first three months, slowing from 7.9 percent in the final quarter of 2012.
Slowing economic growth has triggered calls for tightening policies to be lifted, especially when inflation eased to 2.1 percent in March from February's 10-month high of 3.2 percent.
The Non-manufacturing Purchasing Managers' Index, a comprehensive gauge of the vitality of China's service industry, lost 1.1 points to 54.5 in April, said the China Federation of Logistics and Purchasing.
A reading above 50 means business expansion. The service PMI has stayed above that level for one year.
The sub-index for new orders fell 1.1 points from a month earlier to 50.9 due to weak demand in April. The sub-index for prices slumped 4.2 points to 47.6, the first price contraction in one year.
But business expectation rose to 62.5, up 0.1 points from that in March, suggesting relatively positive sentiment among service providers, the federation said.
China's gross domestic product expanded 7.7 percent in the first three months, slowing from 7.9 percent in the final quarter of 2012.
Slowing economic growth has triggered calls for tightening policies to be lifted, especially when inflation eased to 2.1 percent in March from February's 10-month high of 3.2 percent.
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