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The pace of manufacturing, meanwhile, is also picking up.
Figures from China, Europe, and America all revealed a slower pace of manufacturing growth in May.
Economists at J.P. Morgan said data from Europe and Asia showed that the global pace of manufacturing was picking up, as well.
"If you look at the last two recessions, we didn't hit this kind of pace of manufacturing growth until two to three years into the recovery," said John Ryding, chief economist for RDQ Economics.
Daniel J. Meckstroth, the chief economist for the Manufacturers Alliance-MAPI, said he expected a slower pace of manufacturing growth well into next year, considering the year-on-year rate was 7.9 percent.
Overseas, investors fixed on reports showing that manufacturing activity rose in China and India in May, while the pace of manufacturing decline in the battered euro zone slowed during the month, according to data released Monday.
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But a 0.3% reversal in manufacturing GDP in yesterday's figures, not helped by the Japanese tsunami's impact on vehicle production, underlined the slow pace of the pledged manufacturing revival.
HONG KONG — The booming pace of China's manufacturing growth slowed somewhat in May, as an array of government steps to forestall overheating in the giant economy began to take effect, data showed Tuesday.
Higher interest rates, weaker global demand and a resulting buildup of inventories have contributed to a slower pace of growth in manufacturing, which accounts for about one-fifth of the nation's economic output.
Factory orders for goods other than aircraft were little changed in June and the pace of business outside of manufacturing slowed in July, government and industry reports showed today.
There was a further slowdown in the rate of growth of manufacturing output north of the border, but it remained "at a level consistent with a solid pace of expansion overall".
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