China services sector picks up in February, new orders at three-month high
The mainland services sector expanded for a 10th straight month in February, a survey on private sector activity reported ahead of an expected cut in the mainland’s annual growth target by Chinese leaders.
The mainland services sector expanded for a 10th straight month in February, a survey on private sector activity reported ahead of an expected cut in the mainland’s annual growth target by Chinese leaders.
The HSBC/Markit Services Purchasing Managers Index (PMI) rose slightly to 52.0 last month from January’s 51.8, based on a survey of 400 private sector purchasing managers.
The results mirrored an earlier PMI poll of private and state-run enterprises by the National Bureau of Statistics, which showed non-manufacturing sector activity increased marginally from 53.7 in January to 53.9 last month.
Chinese service sector companies remained optimistic towards future activity growth
A number above 50 signals expansion.
“The solid rise in new orders suggests that activity growth may pick up in the months ahead, as firms continued to add to their payroll numbers amid a positive business outlook,” report author and Markit economist Annabel Fiddes said.
A sub-index for new orders increased to 52.2 in February from 51.2 in January. The sub-index measuring new business also rose.
“Chinese service sector companies remained optimistic towards future activity growth in February. That said, the degree of overall positive sentiment weakened slightly,” Fiddes wrote.