5月财新中国服务业PMI降至55.1，服务业拖累经济修复速度，通胀压力继续攀升
本文来自：财新网
2021年5月，中国服务业继续修复，但速度放缓。6月3日公布的5月财新中国通用服务业经营活动指数（服务业PMI）录得55.1，虽然较上月下降1.2个百分点，但连续13个月位于扩张区间，服务业景气度依然较高。
此前公布的5月财新中国制造业采购经理指数（制造业PMI）上升0.1个百分点至52，录得2021年以来最高值。制造业PMI扩张加速不及服务业PMI增速回落幅度，导致5月财新中国综合PMI回落0.9个百分点至53.8，显示中国生产经营活动总量扩张幅度放缓，但扩张率仍属稳健，高于长期均值。
财新中国服务业PMI走势与统计局一致，综合PMI走势与统计局相悖。统计局公布的5月服务业商务活动指数微降0.1个百分点至54.3，综合PMI上升0.4个百分点至54.2。
服务业供给、需求连续13个月保持扩张，扩张速度较上月略有放缓，仍位于高景气区间。支撑5月经营活动扩张的因素是销售持续增长。调查样本企业反映，中国成功遏制疫情，客户需求得以继续复苏；同时，还有企业提到新产品问世促进了销售。
然而，疫情在全球其它地区卷土重来，使新增出口业务受挫，服务业外需由升转降，5月服务业新出口订单指数重新降至荣枯线下。受访企业表示，海外疫情负面影响仍不可忽视。
市场供求两旺，促进就业稳步增加，5月服务业就业指数较上月微降，但仍高于荣枯线，显示服务业就业在后疫情时代持续修复。就业的扩张不足以应对需求的增加，5月服务业积压工作指数升至扩张区间。
5月中国服务业的成本压力继续加剧，企业反映，原材料、能源、用工和运输等费用皆有上扬，且涨幅显著，服务业投入价格指数刷新2020年11月后最高纪录。为缓解成本上涨压力，同时有赖于需求端的高热度，服务业企业在5月继续上调收费，加价幅度明显，为今年以来最显著。受上述因素综合影响，5月服务业投入价格指数和收费价格指数双双升至年内高点，前者涨幅更大。
市场乐观情绪持续，5月服务业经营预期指数大幅高于荣枯线，业界的信心普遍与海内外需求预期转强、以及新品发布有关。不过，也有企业担心全球经济未知何时才能从疫情中恢复，整体乐观度因此降至四个月低点。
财新智库高级经济学家王喆表示，5月制造业和服务业的扩张势能依然较强，市场供求两侧同步扩张，外需总体向好，就业市场继续改善，企业家对服务业前景持乐观态度。通胀问题仍是关注重点，5月制造业和服务业的成本端和收费端价格指数悉数上涨。5月国务院常务会议两次提及大宗商品价格上涨问题，一方面，价格向下的传导效应已经显现，通胀压力会制约货币政策空间，不利于经济恢复；另一方面，面对原材料价格上涨，部分企业开始囤货，部分企业则面临原材料短缺的困境，供应链亦受到明显影响。
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