China’s Caixin services PMI for March came in at 54.4 vs. 52.3 expected and 51.1 last, which showed the Chinese business activity rises at quickest pace for nine months.
Meanwhile, the Composite Output Index rose to 52.9 in March from Februarys’ 50.7 reading, signaling the strongest increase in activity since June 2018..
Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:
“The Caixin China General Services Business Activity Index jumped to 54.4 in March from 51.1 in the previous month. Among the gauges included in the survey:
1) The gauge for new business surged to the highest since January 2018, pointing to improved demand for services; 2) The measure for employment continued to edge down although it remained in the expansionary territory, indicating the sector’s demand for workers continued to weaken; 3) Inflation remained subdued, as the gauges for prices charged by service providers and the prices for input costs both edged down; 4) The measure for business expectations rebounded slightly from the previous month, but still signalled relatively weak confidence.”
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