Service activity posts slow growth
Print Edition
GROWTH of service activity in China slowed in May for the second consecutive month as data reinforced the outlook for the economy remain unstable, a private survey showed yesterday.
The Caixin Business Activity Index, a gauge of operating conditions in private service firms, fell to 51.2 in May from 51.8 in April and 52.2 in March.
A reading above 50 indicates expansion. The survey is produced by financial information service provider Markit and sponsored by Caixin Media.
The sub components of the index showed that new business rose more slowly than that recorded in April and the series’ historical average.
Service employment rose for the second month in a row in May, although the rate of job creation remained marginal overall.
Meanwhile, optimism in the service sector toward the 12-month business outlook dipped to its lowest level in 2016 so far in May, the report said.
Although companies forecast that improving client demand and planned expansion will support higher business activity over the next year, there were reports that an uncertain economic outlook clouded the overall level of business confidence.
“All of the index categories, with the exception of output prices which remained stable, showed signs of deterioration,” said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group. “It (the government) should also relax controls and regulations of the services sector to enable it to realize its growth potential and to facilitate the transformation and healthy development of the economy.”
The slower growth in services in the private sector echoed that in larger service firms as the official non-manufacturing Purchasing Managers’ Index, mainly covering state-owned companies, fell to 53.1 in May from 53.5 in April.
The official manufacturing PMI was flat at 50.1 in May while the Caixin China PMI dipped to 49.2 in May from 49.4 in April, and below the neutral 50 mark for the 15th successive month.
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