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The purchasing managers index (PMI) for China's service sectorposted its fastest growth in 19 months in May, rising to 54.7 onimproving new businesses, a HSBC report said Tuesday. The seasonally adjusted index was 0.6 points higher than April'ssix-month peak. A reading above 50 indicates expansion, while a reading below 50suggests contraction. The report attributed the growth to a significant increase in neworders. "This should reduce fears of a sharp growth slowdown. Goingforward, the rapid delivery of a mix of supportive measures shouldfilter through to further boost output and employment," said QuHongbin, chief economist at HSBC China and co-head of Asianeconomic research at HSBC. In May, the index for new business orders in the service sectorreached its highest level since October 2010, with new productdevelopment and improving demand cited alongside successfulpromotional activities as helping to boost the headline index, thereport said. The backlog of work in the sector fell in May, the fourthconsecutive monthly decline. Growth in the sector's employment wasmodest, with staff added to cope with increasing new orders andbusiness expansion plans, according to the report Meanwhile, the sector's average input costs rose for the 31st monthby higher labor-related costs, but average charges were lowered forthe second consecutive month, as companies were under morecompetitive pressure, the report said. The report said companies are optimistic about the future. An indexmeasuring business expectations was only slightly lower thanApril's one year-high. Companies linked positive sentiment to expectations of new businesswins and better economic conditions, the report said. The HSBC's seasonally adjusted data jarred with official figures,partly as result of different sampling methods. According to data released by the China Federation of Logistics andPurchasing (CFLP), the PMI for the country's non-manufacturingsector dropped 0.9 percentage points to 55.2 percent in May, thesecond straight monthly decline. The CFLP's non-manufacturing PMI is based on a survey of about1,200 companies in 27 industries, including transportation, realestate, catering and software development, while HSBC trackssmaller private sector firms, including 400 small- and medium-sizedcompanies. We are high quality suppliers, our products such as Safe Slimming Pill , Slimming Belly Patch for oversee buyer. To know more, please visits Herbal Slimming Pills.
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