6月财新服务业PMI录得50.3，降至14个月最低The PMI of Caix

　　牛牛敲黑板：2021年6月财新中国服务业PMI(采购经理指数)录得50.3，较5月回落4.8个百分点，为14个月来最低，虽然仍位于扩张区间，但增速明显放缓。

　　金融界网7月5日消息，据财新，受广东局部地区疫情反弹影响，6月居民需求受到抑制，导致中国服务业扩张力度有所减弱。7月5日公布的2021年6月财新中国服务业PMI（采购经理指数）录得50.3，较5月回落4.8个百分点，为14个月来最低，虽然仍位于扩张区间，但增速明显放缓。

　　此前公布的6月财新中国制造业PMI录得51.3，低于5月0.7个百分点，受制造业和服务业PMI同时放缓的拖累，6月财新中国综合PMI录得50.6，低于5月3.2个百分点，同样放缓至14个月来最低。

　　这一走势与国家统计局PMI一致。国家统计局公布的2021年6月制造业PMI录得50.9，低于5月0.1个百分点；服务业商务活动指数下降2.0个百分点至52.3，综合PMI产出指数为52.9，回落1.3个百分点。

　　从分项数据来看，6月服务业新订单量增长放缓至14个月来最低。调查企业反映，近期疫情抬头，出行减少，抑制了服务业订单的整体增长。不过，服务业新出口订单指数重新回归到荣枯线以上，但扩张程度有限。制造业新订单指数也出现回落，综合两大行业看，6月新订单指数放缓至14个月来最低。

　　由于原材料和用工成本得到控制，6月服务业投入价格指数较5月的近期高点明显回落，并创下九个月来的最低纪录。制造业投入价格指数也大幅回落，综合投入成本虽仍处于扩张区间，但回落至八个月来最低。

　　由于企业成本下降，同时出行需求受疫情抑制，6月服务业企业收费价格结束了此前持续10个月的上扬趋势，出现回落，收费价格指数落入收缩区间，受访企业表示降价是为了吸引新业务。不过，制造业出厂价格指数仍处于扩张区间，带动综合产出价格仅微弱上扬。

　　受业务需求下降的影响，6月服务业用工出现四个月以来首次的收缩。尽管制造业就业指数在扩张区间略有提高，但制造业用工回升被服务业用工收缩所抵消，两大行业用工总量仍轻微下降。

　　尽管中国服务业企业对未来一年的经营前景仍然乐观，但随着疫情再次暴发，6月整体乐观度骤降，业界信心跌至九个月低点。许多企业相信疫情将得到控制，市场状况和全球需求将在未来进一步复苏。

　　财新智库高级经济学家王喆表示，6月制造业和服务业的扩张态势仍得以维系，通胀压力得以暂时缓解，但受近期局部地区疫情影响，服务业更显弱势。疫情暴发至今，制造业逐步恢复常态化，服务业对疫情形势依然较为敏感。进入下半年后，随着低基数效应不断减弱，经济下行与通货膨胀压力交织，仍是严峻挑战。

　　编辑/tina

　　Source: financial sector

　　Niuniu knocks on the blackboard:The purchasing managers' index (PMI) of Caixin China's service industry recorded 50.3 in June 2021, 4.8 percentage points lower than in May and the lowest in 14 months. Although it is still in the range of expansion, the growth rate has slowed significantly.

　　According to Caixin, the financial community network reported on July 5 that it was affected by the rebound of the epidemic in some areas of Guangdong.The demand of residents was suppressed in June, resulting in a weakening of the expansion of China's service industry.. Caixin of June 2021 announced on July 5China's service industry PMI (purchasing managers' index) recorded 50.3, down 4.8 percentage points from May, the lowest in 14 months, although still in the expansion range, but the growth rate slowed significantly.

　　The previously announced Caixin China manufacturing PMI recorded 51.3% in June, down from 0.7% in May. Dragged down by the slowdown in both manufacturing and service PMI, Caixin China Composite PMI recorded 50.6% in June, down from 3.2% in May and also slowed to the lowest level in 14 months.

　　This trend is in line with the PMI of the National Bureau of Statistics.The manufacturing PMI released by the National Bureau of Statistics recorded 50.9 in June, 0.1 percent lower than in May, the service sector business activity index fell 2.0 percent to 52.3, and the composite PMI output index fell 1.3 percent to 52.9.。

　　According to the itemized data, the growth of new orders for the services sector slowed to its lowest level in 14 months in June. The survey enterprises reported that the recent rise of the epidemic and the reduction of travel have suppressed the overall growth of orders in the service industry. However, the index of new export orders in the service sector has returned above the boom-bust line, but the extent of expansion has been limited. The manufacturing new orders index also fell, with the new orders index slowing to its lowest level in 14 months in June, combining the two major industries.

　　With raw materials and labor costs under control, the service sector input price index fell sharply in June from its recent high in May and hit a nine-month low. The manufacturing input price index also fell sharply, with comprehensive input costs still in the expansion range, but falling to their lowest level in eight months.

　　As corporate costs fell and travel demand was curbed by the epidemic, service industry fee prices ended a 10-month upward trend in June and fell back, with the price index falling into a contraction range. The interviewed companies said that the price cut was to attract new business. However, the factory gate price index of manufacturing is still in the range of expansion, leading to only a slight rise in the price of composite output.

　　Service sector employment contracted in June for the first time in four months, affected by falling business demand. Although the manufacturing employment index improved slightly in the range of expansion, the rebound in manufacturing employment was offset by contraction in the service sector, and total employment in the two major industries still fell slightly.

　　Although Chinese service companies remain optimistic about their business prospects for the coming year, overall optimism plummeted in June as the epidemic broke out again, and industry confidence fell to a nine-month low. Many companies believe that the epidemic will be brought under control and that market conditions and global demand will further recover in the future.

　　Wang Zhe, senior economist at Caixin think tank, saidThe expansion of the manufacturing and service industries was maintained in June, and the inflationary pressure was temporarily alleviated, but due to the recent epidemic in some areas, the service industry became more vulnerable.. Since the outbreak of the epidemic, the manufacturing industry has gradually returned to normalization, and the service industry is still sensitive to the epidemic situation. After entering the second half of the year, with the weakening of the low base effect, the economic downturn and inflationary pressures are intertwined, which is still a severe challenge.

　　Edit / tina

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