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Service activity cools after January leap
By Wang Yanlin |
March 5, 2013, Tuesday
|
Online Edition
Online Edition
SERVICE activity in Chinese private companies cooled in February, after rising at the fastest pace in four months in January, an HSBC survey revealed today.
This was in line with the modest recovery taking place in the world's second-largest economy, analysts said.
The HSBC Business Activity Index, which measures operating conditions in mainly private and export-oriented companies in the service industry, posted 52.1 last month.
This was down from January's 54, the highest figure since last September.
A reading above 50 indicates growth, so the latest data suggests modest expansion in service sector activity, said the report.
It said new business also rose modestly, but growth slowed from an eight-month high in January.
Backlogs of work continued to fall, while payroll numbers increased further.
Qu Hongbin, chief economist for China at HSBC Holdings Plc, said the moderating service sector growth is likely a reflection of the impact of China's recent frugality campaign as well as the greater volatility of readings around Chinese New Year.
"However, we expect a continuous modest improvement of service sector growth in the coming months, thanks to healthy labor market conditions and the ongoing recovery of manufacturing growth," Qu said.
The distortion of the Spring Festival holiday also dragged down the HSBC Purchasing Managers' Index, which measures vitality in the manufacturing sector, to 50.4 in February from January's 52.3.
The official non-manufacturing purchasing managers' index, compiled by the China Federation of Logistics and Purchasing and weighted towards state-owned enterprises, stood at 54.5 last month, down from 56.2 in January.
This was in line with the modest recovery taking place in the world's second-largest economy, analysts said.
The HSBC Business Activity Index, which measures operating conditions in mainly private and export-oriented companies in the service industry, posted 52.1 last month.
This was down from January's 54, the highest figure since last September.
A reading above 50 indicates growth, so the latest data suggests modest expansion in service sector activity, said the report.
It said new business also rose modestly, but growth slowed from an eight-month high in January.
Backlogs of work continued to fall, while payroll numbers increased further.
Qu Hongbin, chief economist for China at HSBC Holdings Plc, said the moderating service sector growth is likely a reflection of the impact of China's recent frugality campaign as well as the greater volatility of readings around Chinese New Year.
"However, we expect a continuous modest improvement of service sector growth in the coming months, thanks to healthy labor market conditions and the ongoing recovery of manufacturing growth," Qu said.
The distortion of the Spring Festival holiday also dragged down the HSBC Purchasing Managers' Index, which measures vitality in the manufacturing sector, to 50.4 in February from January's 52.3.
The official non-manufacturing purchasing managers' index, compiled by the China Federation of Logistics and Purchasing and weighted towards state-owned enterprises, stood at 54.5 last month, down from 56.2 in January.
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