Service sector activity spikes in July
Print Edition
BUSINESS activity in China’s service sector accelerated to an 11-month high in July, due to an increase in new contracts and higher prices, according to a survey released yesterday.
The Caixin China General Services Business Activity Index — compiled by research firm Markit — rose 2 points from June to 53.8 on reports of increased business with both new and existing clients.
Service providers continued to increase their payroll numbers in July, while average input prices also rose, Caixin said.
The sector comprises such businesses as hotels, restaurants, transport and storage firms, and finance, telecom and postal companies.
“Service sector firms are still optimistic about the year ahead, but the degree of confidence remained weak in July due to the economic uncertainties,” Caixin said.
The gains in the services sector index were just enough to offset the losses in the corresponding gauge for the manufacturing sector, as the Caixin China Composite PMI for July fell 0.4 points from June to 50.2.
Readings over 50 points indicate growth in activity, while sub-50 scores suggest contraction.
Caixin data released on Monday showed that China’s manufacturing activity in July fell to a two-year low due to reduced output and fewer new orders.
The official non-manufacturing Purchasing Managers’ Index, which measures activity among large service providers, rose for a second month in July to 53.9 points, the Federation of Logistics & Purchasing said on Saturday.
Meanwhile, the official manufacturing PMI for July missed market expectations with a neutral reading of 50 points, ending a run of four months of expansion.
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