At the lowest level since the start of the pandemic in February 2020, activity in the radius services sector peaked as dozens of provinces reported increased coronavirus cases, forcing Beijing to impose severe restrictions on travel and consumer spending.
Caixin’s services PMI fell to 42 points in March from 50.2 points in February, according to Caixin and IHS Markit.
The index went in the same direction but much lower than the official non-manufacturing PMI, which includes both services and construction activity.
The Chinese non-manufacturing PMI fell to 48.4 points in March from 51.6 points in February.
In a statement, Caixin said in a statement that “companies have often reported that tougher measures for coronavirus had disrupted operations and affected customer demand in March.
The index for new orders announced the biggest drop since March 2020.
The decline is mainly attributed to low demand from abroad, as new export activities fell for the third consecutive month and the rate of decline was the highest since October 2020.
Source: Capital
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