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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
Growth in services sector eases: Caixin PMI
    2019-06-06  08:53    Shenzhen Daily

SERVICES activity in China grew at the slowest pace in three months in May, hit by a marked cooling in export sales, a private survey showed yesterday.

The Caixin/Markit services purchasing managers’ index (PMI) fell to 52.7 in May, the lowest since February and down from April’s 54.5. The 50-mark separates growth from contraction.

New export orders placed with Chinese services firms pulled back significantly from April’s multi-year high of 55.6 to 51.1, with a vast majority of companies surveyed reporting no change to export sales in May, the survey showed.

That knocked total new orders growth to a three-month low.

“Overall, China’s economic growth showed some signs of slowing in May. Employment and business confidence in particular merit policymakers’ attention,” Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, said in a statement accompanying the data release.

The broad survey results and a run of recent data from China suggest policymakers might need to roll out more stimulus to stave off a sharper economic deceleration.

While an official gauge released last week was more upbeat on the services sector, both surveys indicated the industry is facing slackening global demand. New export orders in the official survey showed the steepest contraction since October last year.

China has been banking on the services sector to cushion the slowdown in manufacturing. However, with sentiment deteriorating amid a broad-based economic slowdown, consumers are tightening their belts.

Yesterday’s private survey showed confidence for the year ahead among Chinese service providers fell to the weakest since July 2018, with some respondents citing concerns over subdued economic conditions.

Job creation in the services sector also eased off to grow at only a marginal pace, with the index for employment pulling back to 50.4 last month from 51.4 in April.

Caixin’s composite manufacturing and services PMI, also released yesterday, slipped to 51.5 in May from 52.7 in April.

Analysts say the PMI signals bad news for global growth.

“The escalation in trade tensions and broad-based fall in manufacturing PMIs suggest that the downside risks to global economic growth are becoming more prominent,” said Morgan Stanley analysts in a note to clients earlier this week.

(SD-Agencies)

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