Manufacturing drops, but services improve in China
July 9, 2012 Category Macro-economy, Weekly
The HSBC Purchasing Managers’ Index, slanted toward private and export-focused companies, dropped to 48.2 in June from May’s 48.4. For the second quarter of this year, the index averaged its lowest quarterly value in over three years. The index’s reading contrasted with that of big state-owned enterprises whose business grew although at the slowest pace in seven months. The official Purchasing Managers’ Index, compiled by the China Federation of Logistics and Purchasing and slanted toward big SOEs, continued to indicate growth. The official PMI was 50.2 in June, compared with May’s 50.4. The official non-manufacturing Purchasing Managers’ Index, which measures the performance of companies in the service industry, rose to 56.7 in June, up from May’s 55.2 and April’s 56.1, the National Bureau of Statistics (NBS) said. The growth was bolstered by increased activity in industries such as logistics, telecommunications and broadcasting, while less vitality was reported in the retailing, hospitality and road transport sectors.
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