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Financial News: China Service Sector Accelerates In May - Caixin

China Service Sector Accelerates In May - Caixin

06/04/2024 - 21:48:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in May, and at a faster pace, the latest survey from Caixin revealed on Wednesday with a services PMI core of 54.0.

That's up from 52.5 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Underpinning the latest acceleration in services activity growth was faster new business inflows. Incoming new work increased at the quickest pace since May 2023 and solid overall. Likewise for export business, the rate of expansion was the most pronounced in a year.

Anecdotal evidence pointed to improvements in domestic and external market conditions, alongside the launch of new products as factors helping to drive the rise in new work. As a result of growth in new business and activity, staffing levels expanded for the first time in four months. The rate of employment growth was marginal, but the fastest since September 2023.

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