Home > Featured > Caixin’s independent PMI shows China services still strong!

Caixin’s independent PMI shows China services still strong!

A CAIXIN-sponsored survey reported China’s services sector reached a three-month low in July.

The Caixin China General Services Business Activity Index fell to 54.1 last month, the weakest reading in three months. Previously, the report saw a decade-high of 58.4 in June.

The index is used to give an independent snapshot of operating conditions in the services sector. A number above 50 demonstrates an expansion in activity, while a figure below it points to a recession so it is not all doom and gloom as the PMI still shows a number well above the 50 mark. There are however concerns that the world’s second-largest economy could continue to lose momentum in the second half of 2020.

Economists have stated recovery has been uneven, due to the release of pent-up demand that followed the Covid lockdown that is now starting to dissipate.

The service sector’s recovery was slower than the manufacturing sector as concerns over the renewed risk of Covid cases puts a larger damper on the restaurant, film, tourism, and hotel industries.

The measure for new export business dived into negative territory in July due to the ongoing pandemic.

You may also like
Trade Update – 12th May 2022: ECONOMIES CALL FOR PREDICTABLE FOOD TRADE, JAPAN’S LDP YOUTH WING BACKS TAIWAN’S CPTPP ENTRY, UAUSTRALIAN CALL FOR NEW MARKETS and many more…
Trade Update – 5th May 2022: AUSTRALIA BACKS CALL FOR WTO LIFT, APEC GETS A PRIVATE SECTOR PUSH, US CONTINUES TO CHALLENGE EU PUSH and many more…
Trade Update – 28th April 2022: INDONESIA BANS EXPORT OF PALM OIL, AUSTRALIA IMPLEMENTS URGENT BIOSECURITY ACTION, SUBSIDIES UNDER GLOBAL FIRE and many more…
China Launches its First Autonomous Container Ship Service
Malcare WordPress Security