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CN Jun Caixin Services PMI Fades to 51.2, vs 53.4 in Consensus
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Caixin.com announced that the Caixin China General Services Business Activity Index (Services PMI) for June posted at 51.2, below the market expectation of 53.4, and 2.8 ppts lower than May’s, touching the trough since November 2023, indicating a deceleration in the expansion of the service industry and a decline in the service industry's business sentiment, which fell to its lowest in eight months. The drag of the slowdown in the service industry's growth was larger than the pull of the manufacturing industry's accelerated expansion. The composite PMI sank 1.3 ppts to 52.8 that month. Wang Zhe, senior economist at Caixin Insight, said that the market supply and demand expanded in June, and the manufacturing industry performed better than the service industry, with a stable price level. However, employment contracted, and business optimism was not strong. Insufficient market confidence and inadequate effective demand remained the biggest challenges facing the current economy. Looking ahead, Wang said the strength of policy support for the economy still needs to be further beefed up. Policies such as the "three major projects" in the early stage, optimization and adjustment of real estate control measures, large-scale equipment upgrades, and consumer goods replacement need to be further implemented to yield results. In addition, the promotion of relevant policies such as fiscal and tax reforms should pay particular attention to brewing optimistic expectations among market operators. AAStocks Financial News |
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