Jun 05, 2024 09:45 AM
China’s Services PMI Rises to Highest in 10 Months, Caixin Survey Shows
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Activity in China’s services sector grew at the fastest pace in 10 months in May, as employment expanded for the first time in four months, according to a Caixin-sponsored survey published Wednesday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, increased 1.5 points from April to 54 last month. A reading above 50 indicates an expansion in activity, while a number below signals a contraction.
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- China's services sector grew at its fastest pace in 10 months in May, with the Caixin China services PMI rising to 54.
- Employment in the sector expanded for the first time in four months, leading to a reduction in backlogs of work.
- Both input costs and prices charged by service providers increased moderately, with new orders and market optimism sustaining demand growth.
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What Happened When
- April 2024：
- Caixin China General Services Business Activity Index was 52.5.
- April 2024：
- Expectation-beating growth in industrial production observed in China.
- May 2024：
- Caixin China General Services Business Activity Index increased to 54.
AI generated, for reference only
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