(From Caixin Online)
By staff reporter Wang Yuqian
China’s services sector is still expanding but at a slower rate, according to the Caixin Purchasing Managers’ Index for general services business activity, which finished May at 51.2.
Services company employment rose for the second month running in May, although the rate of job creation remained marginal overall. Volumes of unfinished work at these companies rose for the second consecutive month, albeit marginally.
Costs increased for services providers but at a slower rate compared to the previous month’s growth. Many firms responded to higher costs by raising customer prices, which sent services prices climbing slightly across the sector.
Released alongside the index was Caixin Composite PMI data, which covers the nation’s manufacturing and services sectors. The Composite Output Index fell to 50.5 in May from 50.8 in April. The index is based on the Caixin Purchasing Managers’ Index for manufacturing released June 1 and the latest services sector index. Read more