China Service Sector Growth Accelerates
(RTTNews) - China's service sector grew at a faster pace in May as total activity and new business expanded at the fastest rates in three months, survey data from S&P Global showed Wednesday.
The RatingDog services Purchasing Managers' Index rose to 54.4 in May from 52.6 in the previous month.
The score has remained above the 50.0 neutral mark since January 2023, signaling expansion in the service sector.
Demand for services accelerated for the fourth time in five months driven by increased client demand, business innovation and expansion, new client acquisition, improved market conditions and the development of new projects. Higher inflows of export business underpinned rise in total new work.
Business expectations strengthened to the highest since February amid improving market conditions, increased client demand, new projects and new business lines.
There was another increase in outstanding orders and work-in-hand increased for the seventh straight month. Employment in the service sector grew for the first time in four months.
Input price inflation rose to the highest since October 2024 due to rising costs of oil and fuel, increased procurement cost and higher wages and labor cost.
The combined output of manufacturing and services expanded the most since February. The composite output index posted 54.0 in May compared to 53.1 in April.
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