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Service activity increases at slower pace
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China's service activity among private companies grew at a slower pace in September, contradicting other data that pointed at stronger growth momentum in the world's second-largest economy, a survey showed today.
The HSBC China Services Business Activity Index, a gauge of operating conditions in service companies weighted toward private ones, dipped to 52.4 last month. It compared to 52.8 in August, according to HSBC Holdings Plc and consulting firm Markit.
A reading above 50 means expansion. The latest reading signaled a moderate increase in business activity, the survey report said.
"Although the rate of expansion was the second strongest since March, growth remained weak in the context of historical data," the report said.
The component indices showed new order growth eased from August's five-month high, and job creation grew only slightly, much weaker than the series average.
Meanwhile, outstanding business volumes declined for the fourth consecutive month and cost burdens faced by Chinese service providers increased during September, extending the trend to 47 months.
However, Qu Hongbin, chief economist for China at HSBC, said service activity growth appeared to be stabilizing at a faster pace than that in the second quarter.
"This led to a renewed expansion of employment from the contraction in August," Qu said. "Combined with the gradual improvement of the manufacturing Purchasing Managers' Index, the Chinese economy is still on the way to a modest recovery."
Qu added a more consolidated and sustainable recovery still requires structural reforms.
The HSBC Purchasing Managers' Index, which measures the conditions at private and export-oriented manufacturing companies, settled at 50.2 in September, compared with 50.1 a month earlier.
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