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China May official services PMI edges up to 54.9, extends solid growth

China May official services PMI edges up to 54.9, extends solid growth
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BEIJING (Reuters) – Growth in China’s services industry picked up in May, an official survey showed on Thursday, as the sector extended a run of strong activity.

The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 54.9 from 54.8 in April, and remained well above the 50-point mark that separates growth from contraction.

The services sector accounts for over half of China’s economy, with rising wages giving Chinese consumers more spending power.

The composite PMI covering both manufacturing and services activity rose to 54.6 in May, from April’s 54.1, also above the 50-mark that separates expansion from contraction.

(Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)

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