Economic Indicators

China services PMI grows in May on reopening boost- Caixin

2023.06.05 00:36


© Reuters.

Investing.com– Growth in China’s services sector sped up in May, a private survey showed on Monday, as the relaxing of anti-COVID measures continued to push up consumer demand and boost employment in the services industry.

The (PMI) rose to 57.1 in May from 56.4 in April, beating expectations for a reading of 55.2. The index grew for a fifth straight month after China relaxed most anti-COVID restrictions at the beginning of 2023.

The country saw a sharp rebound in tourism and other consumer-linked industries over the past few months, with the week-long May day holiday also helping demand. This boosted employment in the services sector, while also pushing up input costs and also keeping sentiment upbeat. 

China’s services sector fared much better than manufacturing amid a post-COVID economic recovery this year, although both sectors were still running below pre-COVID levels as consumers and investors remained wary of more disruptions. 

The Chinese government has also supported spending by rolling out a slew of stimulus measures this year, although analysts argue that more support is needed to drive the economy back to pre-pandemic highs. 

The Caixin data showed the service sector companies remained optimistic over an economic recovery this year. But overall sentiment softened further from a peak hit in January. 

While the country’s grew more than expected in the first quarter, the momentum appears to have slowed in recent months.

Official data had shown a sustained through May. Manufacturing is by far the country’s biggest economic driver, with a slowdown in the sector heralding weak economic trends for the country. 

Slowing demand for Chinese exports, amid worsening economic conditions across the globe, has also brewed uncertainty over an economic recovery this year.

Focus this week is now on more Chinese economic indicators for May, to gauge the pace of a rebound in the country. is expected to provide more insight into local demand and appetite for exported goods, while is set to offer more cues on domestic spending.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,523.40 0.24%
ethereum
Ethereum (ETH) $ 3,339.23 0.38%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 255.66 0.29%
bnb
BNB (BNB) $ 636.88 1.45%
xrp
XRP (XRP) $ 1.60 20.88%
dogecoin
Dogecoin (DOGE) $ 0.406962 6.03%
cardano
Cardano (ADA) $ 1.13 33.45%
usd-coin
USDC (USDC) $ 1.00 0.07%
staked-ether
Lido Staked Ether (STETH) $ 3,338.23 0.36%
avalanche-2
Avalanche (AVAX) $ 44.36 24.89%
tron
TRON (TRX) $ 0.206777 4.08%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 2.52%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,962.90 0.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,383.36 0.31%
the-open-network
Toncoin (TON) $ 5.54 0.83%
stellar
Stellar (XLM) $ 0.448263 60.59%
chainlink
Chainlink (LINK) $ 16.96 14.06%
bitcoin-cash
Bitcoin Cash (BCH) $ 515.92 5.31%
polkadot
Polkadot (DOT) $ 7.01 15.93%
sui
Sui (SUI) $ 3.52 0.29%
weth
WETH (WETH) $ 3,337.26 0.48%
pepe
Pepe (PEPE) $ 0.000021 1.90%
leo-token
LEO Token (LEO) $ 8.51 2.52%
near
NEAR Protocol (NEAR) $ 6.22 6.16%
litecoin
Litecoin (LTC) $ 96.49 7.45%
aptos
Aptos (APT) $ 12.56 4.24%
hedera-hashgraph
Hedera (HBAR) $ 0.164028 32.67%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,514.96 0.46%
uniswap
Uniswap (UNI) $ 10.01 8.15%
internet-computer
Internet Computer (ICP) $ 11.58 25.00%
usds
USDS (USDS) $ 0.985943 1.91%
crypto-com-chain
Cronos (CRO) $ 0.187485 3.30%
ethereum-classic
Ethereum Classic (ETC) $ 29.34 8.08%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.521999 14.87%
render-token
Render (RENDER) $ 7.63 4.83%
kaspa
Kaspa (KAS) $ 0.154307 1.79%
bittensor
Bittensor (TAO) $ 519.77 1.96%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
bonk
Bonk (BONK) $ 0.000048 5.66%
whitebit
WhiteBIT Coin (WBT) $ 24.62 0.42%
mantra-dao
MANTRA (OM) $ 3.82 0.75%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.33 5.33%
dai
Dai (DAI) $ 1.00 0.08%
arbitrum
Arbitrum (ARB) $ 0.829713 8.96%
dogwifcoin
dogwifhat (WIF) $ 3.21 1.60%
vechain
VeChain (VET) $ 0.03874 22.10%
cosmos
Cosmos Hub (ATOM) $ 7.84 21.70%
filecoin
Filecoin (FIL) $ 5.07 11.62%
monero
Monero (XMR) $ 163.55 2.01%