China’s Services Activity Jumped in June, Private Gauge Shows

(Bloomberg) -- A private gauge of China’s services sector activity jumped in June, adding to signs of increased growth momentum in the world’s second largest economy.

The Caixin China Services Purchasing Managers Index rose to 58.4 in June from 55 in May, reaching the highest level since April 2010.

The sub-index for new business rose to 57.3, while new export business also gained to 52.0. The 50 mark and above denotes improving conditions. The employment index declined to 48.2 from 48.9.

The findings from the private survey painted an even brighter picture than China’s official non-manufacturing purchasing managers index, which rose to 54.4 from May’s 53.6. The official survey tracks larger companies and includes the construction sector, while the Caixin survey focuses more on smaller ones.

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With assistance from Bloomberg