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Jobs, real estate waning in China


06-01-2016 16:25 BJT

China's services and related industries saw a mild recovery in May. Let's break down the numbers for you regarding China's non-manufacturing sector PMI, to find out where the momentum is.

Activity in China's services industry continued to expand in May but at a slower pace than in April. That's according to an official survey released on Wednesday.

The official non-manufacturing Purchasing Managers' Index stood at 53.1 in May, compared with the previous month's reading of 53.5 but still well above the 50-point boom-bust mark.

"The securities market weighed on the services sector, as we saw a major drop in the financial industry business activity sub-index," said Zhao Qinghe, NBS researcher.

Services jobs stabilized, but remained in contraction territory. The real estate sector's business activity and new orders both cooled in May.

"The real estate market is split. For top cities, the market will continue to be active. But lower tier cities are still suffering high de-stocking pressure. But that's also a sign of a maturing property market," said Cai Jin, CFLP vice chair.

The non-manufacturing PMI, which is seen by the market as simply the services sector indicator, outperformed the official manufacturing PMI for May.

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