獨立指標顯示中國服務業反彈

An independent gauge of China’s services sector growth rebounded last month from a nearly 12-month low, narrowing the spread with its official counterpart and pointing to greater divergence with the country’s manufacturing sector.

中國服務業增長的一個獨立指標上月從近12個月來的低點反彈，收窄了與官方指標之間的差距，同時與中國製造業的表現拉大差距。

The Caixin-Markit services purchasing managers’ index came in at 52.8 in May, up from 51.5 in April and further above to the 50-point mark separating growth from contraction.

5月，財新(Caixin) Markit服務業採購經理人指數(PMI)達到52.8，高於4月的51.5，與50這個榮枯分界線進一步拉開距離。

The rise ended a four-month streak of weakening growth and tightened the Caixin gauge’s spread with an official services PMI sub-index produced by China’s statistics bureau to 0.7, from 1.1 in April.

這一上升結束了連續四個月的增長下滑，並使財新指數與中國國家統計局(NBS)編制的官方服務業PMI指數之間的差距收窄至0.7，小於4月的1.1。

That was in contrast to Caixin’s manufacturing PMI released this week, which fell into contractionary territory with a reading of 49.6. The Caixin gauges focus primarily on smaller and private firms, while those from the National Bureau of Statistics primarily track larger, state-owned enterprises.

這個局面與本週發佈的財新制造業PMI的情況形成對照，後者跌入收縮區間，至49.6。財新的指數主要聚焦於中小企業和民營企業，而國家統計局主要跟蹤較大的國有企業。

The independent services gauge rose in April to the strongest level since January thanks to a second straight uptick in new orders, though staff numbers rose at the slowest pace so far for the current nine-month streak of growth. That pushed work backlogs up after a marginal fall in April.

5月財新服務業PMI升至1月以來的最強勁水平，原因是新訂單連續第二個月上揚，儘管員工人數在此輪持續已9個月的增長中，正以迄今最慢的速度上升。這使積壓工作量在4月略微下降後出現回升。

Output costs rose again for a fourteenth month running while input costs likewise grew on the back of more expensive raw materials and higher staff wages.

產出成本連續第14個月上漲，而投入成本同樣隨着原材料價格和員工工資提高而上漲。

Together the services and manufacturing readings brought Caixin’s composite index for business activity in China to 51.5 in May, up slightly from a ten-month low of 51.2 in April.

合併服務業和製造業PMI之後，財新中國綜合PMI 5月達到51.5，略高於4月的10個月低點51.2。