A private indicator reflecting China's perceived economic conditions has shown an expansion phase for 17 consecutive months.
On the 5th, Chinese economic media Caixin reported that the May Services Purchasing Managers' Index (PMI), surveyed together with Standard & Poor's (S&P), recorded 54.0. This figure exceeds both the previous month's value (52.5) and the forecast (52.6).
The PMI statistics related to the service sector indicate economic expansion if above 50, and contraction if below 50. The Caixin Services PMI has maintained an expansion phase for 17 consecutive months, recovering from a low of 48.0 in December 2022.
The May Caixin Manufacturing PMI, released on the 3rd, rose by 0.3 points from the previous month to 51.7, marking the highest level since June 2022.
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