China Services PMI: general growth of service sector activity for the first time in 4 months
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China Services PMI: general growth of service sector activity for the first time in 4 months
China's service sector expanded for the first time in 4 months: "Latest PMI data signalled the first increase in Chinese services activity for four months in May amid an easing of measures related to the coronavirus disease 2019 (COVID-19) outbreak."
Caixin Services PMI rose to 55, and Caixin Composite PMI rose to 54.5
The seasonally adjusted Business Activity Index increased for the first time in services activity since January.
Commenting on the China General Services and Composite PMI data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said:
"The Caixin China Composite Output Index jumped to 54.5 in May from 47.6 the month before, as output in both the manufacturing and service sectors expanded sharply. Demand for services recovered more strongly than that for manufacturing, which was more constrained by sluggish exports amid the ongoing impact of the pandemic’s spread outside China. Backlogs of work fell for the first time this year as all industries gradually resumed production."
official source..