China ’s financial new service industry business activity index (service industry PMI) in June is higher than the critical point for six consecutive months, but it has fallen.Analysis believes that this is related to the weakening of domestic demand.
According to Caixin.com, the business activity index of Caixin China General Service Industry in June 2023, announced on July 5, was located in the expansion range for six consecutive months, but it fell 3.2 percentage points from the previous month.Essence
In June, the PMI of Caixin Manufacturing Industry recorded 50.5, a slight decrease of 0.4 percentage points from May.The prosperity of the two major industries of the manufacturing industry and the service industry fell, dragging down the monthly PMI comprehensive PMI of the month of the month, 3.1 percentage points to 52.5, showing that the production and operation of enterprises continued to expand but slowed down.
This trend is not completely consistent with the PMI data of the National Bureau of Statistics of China.Earlier, the PMI of the manufacturing industry in June 2023 announced by the National Bureau of Statistics recorded 49.0, which was 0.2 percentage points from the low point in May; the service industry PMI recorded 52.8, a decrease of 1.0 percentage points from May.The decline in the service industry PMI was greater than the rise in the manufacturing industry, and dragged down the May integrated PMI output index decreased by 0.6 percentage points to 52.3.
From the perspective of sub -item data, the supply and demand of China's service industry continues to expand, but the growth rate has slowed down.In June, the service industry business activity index and the new order index were higher than the Rongku line for six consecutive months, but they recorded the second and lowest value of nearly six months, respectively.The external needs remain stable, and the new export order index is also located in the expansion range for six consecutive months.Enterprises generally reflect that after the restrictions on the crown disease epidemic, the service industry continues to benefit from the recovery of tourism and transportation.
Market resumption, enterprises have the need to increase employment to restore production capacity.The employment index of the service industry is higher than the Rongku line for five consecutive months, but the expansion is limited in June.This reflects that although the scale of employment has been further expanded, the market's new orders have continued to accumulate, resulting in the continued rise in backlog workload.
Wang Yan, a senior economist of Caixin Think Tank, analyzed that the current foundation of China's economic recovery is not firm, and the speed of repair is not as good as expected. Insufficient vitality in economic growth, weak demand, and poor market expectations are still prominent problems.
It is reported that the PMI in China in June shows that the manufacturing industry's prosperity is significantly weaker than the service industry., But restoration of kinetic energy weakened.
