China May HSBC Services PMI Rises to 53.5 From 52.9 in April
BEIJING--The HSBC China Services Purchasing Managers' Index rose to an eight-month high of 53.5 in May, HSBC Holdings PLC said Wednesday, with both new orders and employment in the sector rising to multi-year highs.
Activity outside the nation's factories during the month also came in above April's 52.9 reading. A reading above 50 indicates month-over-month expansion.
Service providers saw the sharpest increase in new business in three years as demand from clients strengthened, said research house Markit Economics, which releases the index with HSBC .
Employment in the service sector in May expanded at its fastest pace since January 2013 . Service providers' average costs increased further in May, but the rate of inflation was modest, Markit said.
The HSBC China Services PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives at more than 400 private service-sector companies.
China's official nonmanufacturing PMI, a competing a gauge, edged down to 53.2 in May from 53.4 in April, the China Federation of Logistics and Purchasing said Monday.
Write to Liyan Qi at liyan.qi@wsj.com
(END) Dow Jones Newswires
06-02-15 2209ET
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