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Financial News: China Service Sector Posts Fastest Growth In 10

China Service Sector Posts Fastest Growth In 10 Months

06/05/2024 - 01:44:00 (RTTNews)

(RTTNews) - China's service sector growth accelerated to a ten-month high in May on strong new business inflows, survey results from S&P Global revealed on Wednesday.

The Caixin services Purchasing Managers' Index climbed to 54.0 in May from 52.5 in the previous month. The score was also above economists' forecast of 52.6.

The score signaled that the sector expanded for a seventeenth consecutive month and at the strongest pace since July 2023.

However, the official survey showed a contraction in the manufacturing sector and a slowdown in services activity growth.

The NBS manufacturing PMI hit a 3-month low of 49.5 in May, down from 50.4 in April. At the same time, the non-manufacturing PMI eased to 51.1 in June from 51.2 a month ago. The overall improvement was led by a sharp rise in new business inflows, S&P Global said. New work grew at the fastest pace since May 2023. Likewise, export business growth was the most pronounced in a year. Improvements in domestic and external market conditions and the launch of new products helped to drive the rise in new work.

Staffing levels expanded for the first time in four months. Employment increased at the fastest pace since September 2023. Panelists said they hired additional staff to meet the rising workloads.

Regarding prices, the survey showed that input costs continued to increase for nearly four years. Respondents cited rising input material, labor and transport costs as major factors contributing to the higher inflation.

As a result, service providers raised output prices in May. The rate of inflation was the fastest since January 2022.

Finally, confidence among service providers fell to a seven-month low amid rising concerns over the global economic outlook and inflation.

Further, the survey showed that overall private sector expanded at the fastest pace in a year in May driven by accelerated growth in both the manufacturing and services sectors.

The composite output index posted 54.1 in May, up from 52.8 in April. The private sector expanded for a seventh successive month. "Currently, China's economy is generally stable and remains on the road to recovery," said Caixin Insight Group Senior Economist Wang Zhe.

"Policies aimed at stabilizing the economy, boosting domestic demand and increasing employment need to be strengthened and consistent," Wang added.

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