He China Services Purchasing Managers’ Index (PMI) rose to 57.1 points in May, up from April’s reading of 56.4, according to the latest data released by Caixin on Monday. Market consensus was for a reading of 57.1.
Key points
Business activity grows for the fifth consecutive month.
There’s a strong and accelerating rebound in new orders.
The Production cost inflation hits its highest level in 15 months.
Commenting on the China Services Headline PMI™ data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group said: “Both service sector supply and demand expanded further in May. Business activity indicators and total new orders were both above 50 points for the fifth consecutive month and recorded their second highest readings since November 2020.”
“External demand also maintained strong momentumwith the measure of new export orders holding in expansionary territory for five consecutive months. Service sector activity continued to rebound after China scrapped its “zero Covid” policy in DecemberWang added.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
