China Caixin service sector PMI stayed flat … MARKETWATCH
China Caixin service sector PMI stayed flat in April
BEIJING–Activity in China’s service sector held steady in May, a private gauge showed Tuesday, pointing to possible firmness in the sector, and largely in line with official
data which showed slight acceleration in growth.
The Caixin China services purchasing managers’ index remain unchanged at 52.9 in May from the previous month’s reading, Caixin Media Co. and research firm Markit said.
A reading above 50 indicates an expansion in activity from the previous month, while a level below that points to a contraction.
The employment index continued to rise, while the new business index slipped slightly, indicating a positive change on the supply side and marginally weaker demand across the service sector, Zhengsheng Zhong,
director of Macroeconomic Analysis at CEBM Group, said in a statement accompanying the data release.
Mr. Zhong also said a gauge of service providers’confidence improved noticeably in May, reaching its highest since June 2017.
China’s official nonmanufacturing PMI, which includes the construction sector, rose to 54.9 in May from 54.8 in April, the National Bureau of Statistics said last Thursday.