Activity in China's services sector expanded for the fourth month in a row in May.
Compiled by HSBC and Markit, China's services purchasing managers index rose to 53.5 last month, from a reading of 52.9 in April, and remaining above the threshold of 50 that separates expansion from contraction. It was the fastest rate of activity growth in eight months, noted HSBC/Markit.
There were a number of positive trends from the services industry in May, including an increase in new work (and at its sharpest pace in three years) and service sector employment rising at its fastest pace since January 2013. Backlogs of work at services firms fell for a fourth consecutive month, and confidence toward the services sector remained strong.