Service PMI rises slightly in May
By Ye Zhen |
June 6, 2013, Thursday
|
Print Edition
Print Edition
SERVICE activity at China's private and export-oriented firms rebounded slightly in May after growing at the slowest pace in 20 months in April, another sign pointing to a fragile recovery in the world's second-largest economy.
The HSBC China Service Purchasing Managers' Index, a gauge of non-manufacturing activities in mainly private and export-oriented sectors, stood at 51.2 last month after seasonal adjustment, HSBC Holdings Plc and Markit Economics said in a report yesterday.
This was nearly flat from April's 51.1, the lowest reading since August 2011. A reading of 50 or higher indicates expansion.
"The latest reading signaled service sector activity in May grew by a low level," said Qu Hongbin, chief economist for China at HSBC.
The sub-index of new business orders among service firms fell in May to a 21-month low of 51.4, down from 51.5 in April, pointing to a sluggish demand amid economic weakness.
The HSBC service PMI is in tandem with the official Non-manufacturing PMI, a gauge of conditions in state-owned companies, that slipped to 54.3 in May from 54.5 in April, the China Federation of Logistics and Purchasing said on Monday.
Qu also said: "A soft patch in manufacturing growth continues to weigh on the industry and adds more downside risks to China's growth rate in the second quarter."
Earlier this week, the HSBC's PMI for China's manufacturing sector retreated to contraction territory again in May and recorded the lowest level in eight months.
Liu Ligang, chief economic analyst at the ANZ Bank (China), said key economic data to be released by China later this week will confirm the weakness in the economy, with a slower growth in trade.
The HSBC China Service Purchasing Managers' Index, a gauge of non-manufacturing activities in mainly private and export-oriented sectors, stood at 51.2 last month after seasonal adjustment, HSBC Holdings Plc and Markit Economics said in a report yesterday.
This was nearly flat from April's 51.1, the lowest reading since August 2011. A reading of 50 or higher indicates expansion.
"The latest reading signaled service sector activity in May grew by a low level," said Qu Hongbin, chief economist for China at HSBC.
The sub-index of new business orders among service firms fell in May to a 21-month low of 51.4, down from 51.5 in April, pointing to a sluggish demand amid economic weakness.
The HSBC service PMI is in tandem with the official Non-manufacturing PMI, a gauge of conditions in state-owned companies, that slipped to 54.3 in May from 54.5 in April, the China Federation of Logistics and Purchasing said on Monday.
Qu also said: "A soft patch in manufacturing growth continues to weigh on the industry and adds more downside risks to China's growth rate in the second quarter."
Earlier this week, the HSBC's PMI for China's manufacturing sector retreated to contraction territory again in May and recorded the lowest level in eight months.
Liu Ligang, chief economic analyst at the ANZ Bank (China), said key economic data to be released by China later this week will confirm the weakness in the economy, with a slower growth in trade.
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