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July 6, 2017

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Growth in services sector index falls in June

GROWTH in China’s services industries slowed in June, overshadowing expansion in the manufacturing sector to indicate downward pressure on the economy, a private report showed yesterday.

The Caixin China General Services Purchasing Managers’ Index, a gauge of operating conditions in mostly private sector companies, fell to 51.6 in June from May’s four-month high of 52.8, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media.

The reading was the second slowest in 13 months.

Services companies noted the weakest increase in new orders since May last year, with several firms saying subdued market conditions weighed on client spending, the survey said.

Meanwhile, the rate of employment growth eased further at the end of the second quarter, and input prices rose at the slowest pace since October last year.

“Even though the impact of slowing expansion in China’s services sector was cushioned by a slight rebound in manufacturing activity, the downward trend in the economy remains entrenched.” said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group.

Released on Monday, the Caixin manufacturing PMI returned to positive territory at 50.4 for June, the highest in three months, from May’s 49.6.

China’s official manufacturing PMI, leaning towards larger and state-owned companies, was 51.7 in June, up from 51.2 in May.

The official data also showed China’s non-manufacturing sector expanding at a faster pace in June, with the non-manufacturing PMI coming in at 54.9, up from 54.5 in May.


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