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Financial News: China Private Sector Growth Slows In April

China Private Sector Growth Slows In April

05/06/2019 - 08:35:00 (RTTNews)

(RTTNews) - China's private sector expansion slowed in April while the services sector growth rose marginally, survey data from IHS Markit showed on Monday.

The Caixin composite output index fell to 52.7 in April from 52.9 in March. Any reading above 50 indicates expansion in the private sector.

The services Purchasing Managers' Index, or PMI, rose to 54.5 from 54.4 a month ago. The score was forecast to fall to 54.2. That was the highest since January 2018.

New business in services increased, but the pace softened marginally since March. Composite new orders expanded at a modest rate, softer than in March.

New export work by services companies rose at the sharpest pace since late April 2014. In contrast, export sales decline. The composite new export orders fell marginally.

Staffing levels in the services sector increased modestly to the quickest recorded in ten-months. Employment at the composite level rose marginally as in March.

Backlogs of work was the slowest seen in the year in the services sector and outstanding work remained unchanged at composite level.

Input price inflation was the steepest since September 2018, as operating expenses continued to rise. While in composite level input costs rose at a modest pace to the fastest in five months.

Business confidence remained subdued in April amid concerns over the strength of the global economy. Sentiment edged down to its joint-lowest in five months in services sector.

"In general, China's economy looked resilient in April, especially in the services sector," Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

"We expect that policymakers will slightly restrain countercyclical policies, and focus more on structural and systematic policies."

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