Service activities soften on weak growth
By Joy Wang |
July 5, 2012, Thursday
|
Print Edition
Print Edition
CHINA'S non-manufacturing activities in private and export-oriented companies eased in June as new orders grew at their slowest pace in nearly a year, an HSBC survey showed yesterday.
The headline Business Activity Index, compiled by the HSBC and Markit Economics which measures performance of these companies, softened to 52.3 last month from May's 54.7, which was a 19-month high.
A reading more than 50 signals expansion.
"Service activities softened in June due to slowing new business flows, which translated into only marginal growth of employment," Qu said. "This, plus the ongoing slowdown of the manufacturing sector, points to growing pressures on the jobs market - the last thing Chinese policymakers want to see."
The component indices showed that new business grew at the slowest pace since August 2011, indicating demand for services had weakened.
But Qu added that as inflation is also falling fast, China has more leeway to step up policy easing and revive domestic demand.
However the official non-manufacturing Purchasing Managers' Index, which is slanted toward state-owned service companies, rose to 56.7 last month, up from May's 55.2 and April's 56.1, the National Bureau of Statistics said on Tuesday.
The headline Business Activity Index, compiled by the HSBC and Markit Economics which measures performance of these companies, softened to 52.3 last month from May's 54.7, which was a 19-month high.
A reading more than 50 signals expansion.
"Service activities softened in June due to slowing new business flows, which translated into only marginal growth of employment," Qu said. "This, plus the ongoing slowdown of the manufacturing sector, points to growing pressures on the jobs market - the last thing Chinese policymakers want to see."
The component indices showed that new business grew at the slowest pace since August 2011, indicating demand for services had weakened.
But Qu added that as inflation is also falling fast, China has more leeway to step up policy easing and revive domestic demand.
However the official non-manufacturing Purchasing Managers' Index, which is slanted toward state-owned service companies, rose to 56.7 last month, up from May's 55.2 and April's 56.1, the National Bureau of Statistics said on Tuesday.
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