Chinese business activity fell in May

Wednesday 5 June 2013

HSBC has just released both its May composite PMI and services PMI for the Chinese economy.

Looking at the composite PMI first, which covers both the services and manufacturing sectors, HSBC registered a slight fall in the index to 50.9 in May, down from 51.1 in April. The result indicated the weakest expansion in business activity in China since October 2012.

HSBC’s services PMI, by contrast, rose marginally to 51.2 in May from 51.2 in April. However, the result was the second lowest since August 2011 and approximately five points below the long-run series average (see next chart).

Full releases below.

HSBC China Composite PMI (5 June 2013)

HSBC China Services PMI (5 June 2013)

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.