独立指标显示中国服务业反弹

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.

中国服务业增长的一个独立指标上月从近12个月来的低点反弹，收窄了与官方指标之间的差距，同时与中国制造业的表现拉大差距。

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，财新(Caixin) Markit服务业采购经理人指数(PMI)达到52.8，高于4月的51.5，与50这个荣枯分界线进一步拉开距离。

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.

这一上升结束了连续四个月的增长下滑，并使财新指数与中国国家统计局(NBS)编制的官方服务业PMI指数之间的差距收窄至0.7，小于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.

这个局面与本周发布的财新制造业PMI的情况形成对照，后者跌入收缩区间，至49.6。财新的指数主要聚焦于中小企业和民营企业，而国家统计局主要跟踪较大的国有企业。

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月财新服务业PMI升至1月以来的最强劲水平，原因是新订单连续第二个月上扬，尽管员工人数在此轮持续已9个月的增长中，正以迄今最慢的速度上升。这使积压工作量在4月略微下降后出现回升。

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.

产出成本连续第14个月上涨，而投入成本同样随着原材料价格和员工工资提高而上涨。

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.

合并服务业和制造业PMI之后，财新中国综合PMI 5月达到51.5，略高于4月的10个月低点51.2。