China's service sector activity expands at faster pace in May - official PMI
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BEIJING — Activity in China’s services sector expanded at a faster clip in May as measures to contain the coronavirus outbreak were lifted, official data showed on Sunday, suggesting business and consumer confidence may slowly be improving.
The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 53.6 in May, from 53.2 in April, the National Bureau of Statistics said. The 50-point mark separates growth from contraction on a monthly basis.
China’s services sector, which includes many smaller, private companies, has not recovered from the health crisis as quickly as manufacturing, with heavy job losses, pay cuts and fears of a second wave of infections making consumers cautious about spending again.
The official May composite PMI, which includes both manufacturing and services activity, remained flat at 53.4 from April. (Reporting by Stella Qiu and Gabriel Crossley; Editing by Jacqueline Wong)
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