HSBC/Markit reading for Services PMI for June, 53.1
- prior was 50.7
And the HSBC/Markit Composite PMI for June, 52.4
- prior was 50.2
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Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
- “The HSBC China Services PMI headline index rose to 53.1 in June, the highest reading since March 2013.
- Both new and existing business indices rebounded, suggesting stronger economic momentum.
- The employment index also improved over the month, as increased economic activity lifted labour demand.
- The expansion in the service sector reinforces the recovery seen in the manufacturing sector, and signalled a broad-based improvement over the month.
- We think the economy is slowly turning around, and expect the recovery to remain supported by accommodative policies on both the fiscal and monetary fronts over the coming months.
- The slowdown in the property market still poses downside risks, however, and may warrant further easing measures in 2H 2014.”
