Economic Buzz: Chinese Private Sector Grows At Steady Pace

Chinas private sector grew at a steady pace in May amid broad-based upturn in both manufacturing and services, data from IHS Markit showed Tuesday. However, growth remained slower than that seen at the start of 2018. The Caixin composite output index remained unchanged at 52.3 in May, signaling a steady pace of expansion. The services Purchasing Managers Index also remained stable in May, at 52.9. A score above 50 indicates expansion in the sector. Both manufacturers and services companies reported increases in output during May. At the same time, the amount of new business placed with Chinese services companies increased further on firmer client demand and new product offerings. But the pace of growth softened since April.