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Wan LixinOpinion deputy editor of Shanghai Daily
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Service PMI in China posts growth again
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BUSINESS activity in China’s service sector continued to expand in July, a private survey showed yesterday.
The Caixin China General Services Purchasing Managers’ Index came in at 51.7 in July, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co.
A reading above 50 indicates expansion, while one below 50 means contraction.
However, the growth rate fell from an 11-month high of 52.7 in June.
The deceleration can be attributed to slowing new order growth and falling services employment, with the latter appearing to be the first time in four months. Services companies were downsizing to cut costs, but the overall employment decline was modest.
The surveyed companies saw their unfinished work drop for the second month along with the weakest increase in costs for a year and a half. Prices charged by services providers increased slightly.
Companies still maintained a positive stance toward future business activity with forecasts of improving economic conditions and an expanding market size. The optimism edged up to a three-month high.
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