The China’s Caixin services PMI for March stood at 54.3 points compared to 51.5 the previous month and to the expected 51.7 points, showing a solid increase in service sector activity in March.
The Composite production index also rose from 51.7 in February to 53.1 in March.
An employment sub-index returned to positive territory, as companies hired more workers than they laid off.
Key Comments:
Business activity and sales increase at faster rates.
Employment returns to growth.
Business confidence reaches its highest point in more than a decade amid hopes for a post-pandemic recovery.
Commenting on the China General Services PMI data, Dr. Wang Zhe, Senior Economist at Caixin Insight Group, said: “” China’s Caixin General Services Business Activity Index rose to 54.3 in March, ending to a three-month drop and marking the eleventh consecutive month in expansive territory. The March reading was 2.8 points higher than February ”.
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