- Business activity in the Chinese service sector grew at a higher rate last month, compared to monthly.
This reported Markit Economics on Monday. The increase is noticeable, as the sector just crumbled in the month before.
The purchasing managers index rose from 51.5 in April to 52.8 in May. A position above 50 means growth.
The own purchasing managers index established by the Chinese government went from 54.0 in April to 54.5 in May. That was reported at the end of last month.
Less positive was that Markit and Caixin's purchasing managers index for industry fell earlier this month from 50.3 to 49.6. 'This is the first shrinkage in eleven months,' said macro economist Zhengsheng Zhong of Caixin. Government figures revealed a change of place for the purchasing manager index for industry in May at 51.2.
An index of more than 50 indicates growth, while a figure below 50 indicates shrinkage.