China's services activity up in May

BEIJING — China's services activity in May accelerated at the quickest pace in 10 months while staffing levels expanded for the first time since January, a private sector survey showed on Wednesday, pointing to sustained recovery in the second quarter.The Caixin/S&P Global services purchasing managers' index rose to 54.0 from 52.5 in April, expanding for the 17th straight month and growing at the fastest pace since July 2023. The 50-mark separates expansion from contraction.

New business increased at the quickest pace since May 2023, as did new export business.Additional staff were hired last month to cope with ongoing workload according to respondents, pushing up staffing levels to their highest since September last year.Price pressures intensified, however, with firms raising their charges amid rising cost burdens.Business confidence levels also eased to a seven-month low amid concerns about the global economic environment and rising prices.

Services Activity Up In May

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