China Caixin Services PMI rises to four-month high … MARKETWATCH
China Caixin Services PMI rises to four-month high
BEIJING–China’s services activity expanded at the quickest rate in four months in June, a private gauge showed Wednesday, which was largely in line with official data that
showed a slight acceleration in growth.
The Caixin China services purchasing managers’ index rose to 53.9 in June from 52.9 in May, 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 shows a contraction.
The subindexes measuring employment and new business indices both climbed moderately, suggesting supply and demand remained robust in the service sector, Zhengsheng Zhong, director of macroeconomic analysis at
CEBM Group, said in a statement accompanying the data release.
Input costs rose more than prices charged, putting pressure on service providers’ confidence for future operations, Mr. Zhong said.
China’s official nonmanufacturing PMI, which includes the construction sector, edged up to 55.0 in June from 54.9 in May, the National Bureau of Statistics said Saturday.