China's non-manufacturing PMI rises in August

Source: Xinhua| 2020-08-31 14:51:25|Editor: huaxia

BEIJING, Aug. 31 (Xinhua) -- The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 55.2 in August, up from 54.2 in July, the National Bureau of Statistics (NBS) said Monday.

A reading above 50 indicates expansion, while a reading below it reflects contraction.

The non-manufacturing PMI has remained above 50 for six months in a row, data from the NBS showed.

In August, the service sector accelerated its pace of recovery, with the sub-index for business activities up 1.2 points from the previous month to 54.3.

In breakdown, transportation and telecommunications sectors saw a faster recovery in their business volume, with the sub-indexes standing above 60 for the fourth consecutive month, NBS data showed.

As the domestic COVID-19 prevention and control situation remained stable, consumer demand was further unleashed amid business restoration and reviving market activities, said NBS senior statistician Zhao Qinghe.

Driven by the overall economic recovery in China, the sub-index for business activities of leasing and business services returned to the expansion zone for the first time since the outbreak of the epidemic, Zhao noted.

Enterprises demonstrated a stable level of confidence for growth, as Monday's data showed that the business expectation reading remained flat with that of the previous month at 61.3. Sub-indices for industries including rail transportation, air transportation, accommodations and internet software were above 65.

Meanwhile, the sub-index for activities in the construction sector dropped 0.3 points to 60.2. The sub-index for new orders climbed 1.8 points to 56.4 in August, and the sector is expected to maintain faster growth in the near future amid steady progress of infrastructure construction, said Zhao.

Monday's data also showed that the PMI for China's manufacturing sector came in at 51 in August, remaining in the expansion zone but down from 51.1 in July. Enditem