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China official services PMI retreats in April

05-04-2012 10:17 BJT

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China's services sector retreated last month, with the latest PMI data cooling from 58 in March to 56.1 in April. Still, that’s comfortably above the 50 mark that separates growth from contraction.

According to a survey by the China Federation of Logistics and Purchasing, the country’s headline purchasing managers’ index fell 1.9 points from March’s 10-month high to hit 56.1 in April. A PMI reading above 50 still points to growth in activity.

The construction industry business activity sub-index, however, reached 60.3, the third continuous month above 60, mainly driven by the country’s booming low income housing projects.

Cai Jin, vice chairman of China Federation of Losgistics & Purchasing, said, "The data was affected by some seasonal factors because it’s always a busy period for construction in April and May. During the period, China injected significant investment into those projects, especially affordable housing developments. In addition, the pace of the construction also improved. "

Meanwhile, the new orders index fell by 0.8 points to 52.7 during the month, with the real estate new orders sub-index remaining in contraction, at 46.5, indicating that the property market is still depressed. The services PMI index is intended to provide a snapshot of conditions in the services sector, which accounts for less than 45 percent of China’s economy.

 

Editor:Zhang Rui |Source: CNTV.CN

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