China's services sector expanded at its fastest pace in 19 months in May, according to a business survey released Tuesday, with the uptick driven by new business and improvements in confidence about the future
HSBC's China services Purchasing Managers' Index rose to 54.7 in May on a 100-point scale when adjusting for seasonal factors, compared to April's 54.1
However, the result remained below the long-run trend of 56.7, HSBC said in a statement
The survey found companies added to staff in May, but the pace of gains in hiring were modest
A subcomponent tracking prices showed output charges falling for a second straight month, while underlying business costs rose markedly
A rival government version of the services PMI, released Monday, printed at a slightly stronger 55.2, though the headline reading indicated a weakening trend from April's level
On a slightly negative note, HSBC's PMI showed backlogs of work declined in May for the fourth straight month
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