Beijing, June 5, 2024 (Financeflashnews) – Activity in China’s services sector accelerated to a ten-month high in May, driven by a surge in new orders and a pick-up in hiring, a Caixin survey showed on Wednesday.
The Caixin China General Services Purchasing Managers’ Index (PMI) rose to 54.0 from 52.5 in April, staying above the 50-point mark that separates growth from contraction for the 17th consecutive month.
New orders expanded at the fastest pace since May 2023, while employment in the services sector rose for the first time since January, reaching the highest level since September 2023.
Key Points:
- China’s services PMI rose to 54.0 in May from 52.5 in April.
- The expansion signals a pick-up in activity in the services sector.
- New business expanded at the fastest pace in nearly a year in May.
- Services sector employment rose to the highest level since September 2023 in May.
Outlook:
The growth in China’s services sector suggests that the world’s second-largest economy is recovering from recent COVID-19 lockdowns. The services sector is expected to continue to expand in the coming months, supported by the easing of pandemic restrictions and supportive government policies.
Sources:
- Reuters: https://www.reuters.com/markets/quote/CLc1/
- Caixin: https://www.caixinglobal.com/
