Service firms see clouds over outlook
By Wang Yanlin |
January 6, 2012, Friday
|
Print Edition
Print Edition
CHINA'S service providers saw modest business expansion in December but they expressed their least optimistic view in six years about their business outlook, according to an HSBC survey yesterday.
The HSBC Business Activity Index, a seasonally-adjusted gauge of the service sector in China weighted towards private firms, remained at 52.5 in December, the same as that in November which hit a three-month low. A reading above 50 indicates expansion.
"Flat from a month earlier, the service Purchasing Managers' Index pointed to a subdued growth momentum," said Qu Hongbin, chief economist for China at HSBC. He expected the government to unveil more aggressive easing measures due to the still weak manufacturing, slower job growth, the ongoing property correction and cooling external demand.
The component indices under the HSBC service PMI showed that job growth eased to a 33-month low while prices charged by service providers fell for the first time in nearly two years.
Although service providers in China were optimistic over their business in the next 12 months, their optimism was the lowest since November 2005, according to the survey.
The HSBC Business Activity Index, a seasonally-adjusted gauge of the service sector in China weighted towards private firms, remained at 52.5 in December, the same as that in November which hit a three-month low. A reading above 50 indicates expansion.
"Flat from a month earlier, the service Purchasing Managers' Index pointed to a subdued growth momentum," said Qu Hongbin, chief economist for China at HSBC. He expected the government to unveil more aggressive easing measures due to the still weak manufacturing, slower job growth, the ongoing property correction and cooling external demand.
The component indices under the HSBC service PMI showed that job growth eased to a 33-month low while prices charged by service providers fell for the first time in nearly two years.
Although service providers in China were optimistic over their business in the next 12 months, their optimism was the lowest since November 2005, according to the survey.
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