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Service sector rebounds in June
By Wang Yanlin |
July 3, 2012, Tuesday
|
Online Edition
Online Edition
CHINA'S non-manufacturing activities rebounded in June after weakening for two straight months, a survey showed today.
The official non-manufacturing Purchasing Managers Index, which gauges the performance of companies in the service industry, rose to 56.7 in June, up from May's 55.2 and April's 56.1, the National Bureau of Statistics said.
A reading above 50 means expansion while the opposite points to contraction.
Growth was bolstered by the logistics, telecommunications and broadcasting industries while less vitality was reported in retailing, lodging and road transport, the bureau said.
"It is encouraging that China's service companies delivered a better performance compared with a month earlier while many uncertainties remain in the overall economy," said Li Maoyu, an analyst at Changjiang Securities Co. "Growing new business contributes the most to the pick-up in service activities, and it can help to reduce the fears of a sharp economic slowdown."
Component indices showed new business orders increased 1.2 points from a month earlier to 53.7 in June, indicating more demand for services in the country.
Coupled with the better-than-expected manufacturing PMI results last month, analysts said China's economy is stabilizing.
The official Purchasing Managers Index, a composite indicator of operating conditions in the manufacturing sector, was 50.2 last month, down from May's 50.4. Still, it pointed to expansion.
The official non-manufacturing Purchasing Managers Index, which gauges the performance of companies in the service industry, rose to 56.7 in June, up from May's 55.2 and April's 56.1, the National Bureau of Statistics said.
A reading above 50 means expansion while the opposite points to contraction.
Growth was bolstered by the logistics, telecommunications and broadcasting industries while less vitality was reported in retailing, lodging and road transport, the bureau said.
"It is encouraging that China's service companies delivered a better performance compared with a month earlier while many uncertainties remain in the overall economy," said Li Maoyu, an analyst at Changjiang Securities Co. "Growing new business contributes the most to the pick-up in service activities, and it can help to reduce the fears of a sharp economic slowdown."
Component indices showed new business orders increased 1.2 points from a month earlier to 53.7 in June, indicating more demand for services in the country.
Coupled with the better-than-expected manufacturing PMI results last month, analysts said China's economy is stabilizing.
The official Purchasing Managers Index, a composite indicator of operating conditions in the manufacturing sector, was 50.2 last month, down from May's 50.4. Still, it pointed to expansion.
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