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China PMI signals minimal decline of business in May

The pick-up in the services PMI echoes a rebound in China`s factory sector

June 03, 2014 5:24 IST | India Infoline News Service
China's services sector grew at its fastest pace in six months in May as new orders rebounded, HSBC China PMI survey showed.
The official non-manufacturing purchasing managers' index (PMI) climbed to 55.5 from April's 54.8, the National Bureau of Statistics said. That is well above the 50-point level that separates an expansion from a contraction in activity.
In a sign of buoyancy in the sector, new orders rebounded to an eight-month high of 52.7, compared to April`s 50.8. Business expectations also held their ground at a solid 60.7, compared to April`s 61.5.
The pick-up in the services PMI echoes a rebound in China`s factory sector, and augurs well for a spate of monthly economic data from the country due later this month.
Official data on Sunday showed China`s manufacturing industry grew at its fastest pace in five months in May due to rising new orders, as a PMI for the sector touched a high of 50.8 in May.



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