Latest News:  
Beijing   Shower    24 / 17 ℃  City Forecast

English>>China Business

China's service sector PMI at one-year low: HSBC

(Xinhua)

08:28, September 06, 2012

SHANGHAI, Sept. 5 (Xinhua) -- The purchasing managers index (PMI) for China's service sector fell to a 12-month low in August, indicating that the world's second-largest economy still faces downturn risks, an HSBC report said Wednesday.

The British banking giant's final reading of the PMI, which measures the country's non-manufacturing activity, dropped to 52 last month from 53.1 in July due to a drop in new orders, the report said.

The figure jarred with the official PMI figure released Monday, which rose 0.7 percentage points to 56.3 percent from July to August, partly as a result of different sampling methods.

A PMI reading above 50 indicates expansion, while one below 50 points to contraction.

HSBC economist Qu Hongbin said the figures showed the economy still faces "downside risks" and urged the government to introduce more easing measures to deal with the impact of declining exports.

The sub-index for new orders from home and overseas dropped to a nine-month low, the report said.

The sector's employment index kept expanding in August, reaching the highest level since November last year, because of companies' expansion plans and growth in new businesses, it said.

The report said average input costs rose for 34 consecutive months in August, driven up by rising costs for labor and raw materials.

The official non-manufacturing PMI is based on a survey of about 1,200 companies in 27 industries, including transportation, real estate and catering, while HSBC tracks smaller private sector firms, including 400 small- and medium-sized companies.

News we recommend:
Amusement parks boost real estate market Survey shows SOE jobs are top choice CNOOC pushes ahead with Nexen acquisition
The Pain of a Pension Deficit Staying on Target More new grads opt for State firms
Treading Lightly for Fast Growth  Questions raised over stores' price war A fertile ground for overseas banks

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Soldiers take part in military training in Hohhot

  2. Kim Jong Un, wife visit working people's flats

  3. Development of China's industrial economy in past decade

  4. Performance during 2nd China-Eurasia Expo

  5. 'Bride stealing' custom all the rage in Bucharest

  6. American beauty

Most Popular

Opinions

  1. Obama's absence triggers unfit US-Russia reset
  2. Export fixation behind declining PMI
  3. A lesson learned about attractiveness
  4. Hainan's island idyll needs military guard
  5. Editorial: Non-manufacturing PMI
  6. Territorial clash makes Japan upgrade diplomacy
  7. HK national education controversy highly politicized
  8. Commentary: A special relationship indeed
  9. Chinese firms exposed to malicious IPR allegations
  10. Obama's 'forward agenda' hard to garner support

What's happening in China

Strict health check-up for air stewardesses

  1. China allows cultivated ginseng in food
  2. Fight forces flight to return
  3. Collapse at construction site injures workers
  4. Counterfeit fossils undermine research projects
  5. No promotional labels to be allowed on baby formula

China Features

  1. 17 fairylands you must go in your life
  2. PR veteran: To know China is to know the future
  3. Chinese books gains worldwide popularity
  4. 'City in wonderland’ appears after rain
  5. Chinese investment good for the host nations

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture