BEIJING, July 1 (ABC): The purchasing managers’ index (PMI) for China’s non-manufacturing sector came in at 54.7 in June, up from 47.8 in May, the National Bureau of Statistics (NBS) said Thursday.
A reading above 50 indicates expansion, while a reading below it reflects contraction. As the epidemic prevention and control situation in China continues to improve, and policies and measures to stabilize the economy are taking effect, China’s overall economic recovery has picked up pace, NBS senior statistician Zhao Qinghe said.
The sub-index for the service sector stood at 54.3 in June, up from 47.1 in May, NBS data showed. Among the 21 sectors surveyed, 19 industries, including railway and air transportation, were in expansion territory in June, increasing from six in May, Zhao said. The new order index for the non-manufacturing sector stood at 53.2 in June, up from 44.1 in May, indicating rising demand in the market.
The construction sector has continued expansion with the sub-index for the sector rising to 56.6 in June. The market confidence of most non-manufacturing firms has increased, with the sub-index measuring business activity expectations reaching 61.3 in June. Thursday’s data also showed the PMI for the manufacturing sector came in at 50.2 in June, up from 49.6 in May.