Photo: Reuters/Thomas White

China’s Caixin survey of service industries surprised analysts with a strong expansionary reading of 55 in May, against a consensus expectation of 47. Of the purchasing managers polled by Caixin, that is, 55% saw higher business volume during the month. 

Similar surveys of service industries in the other major economies continue to show contraction. 

Caixin’s manufacturing survey for China showed a positive reading of 50.7, while the comparable Markit PMI Index for the US in May came in at 39.8. The Caixin services reading reflects a broad sample of privately-owned business, and suggests that Chinese consumers are spending freely. By all

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