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Financial News: China Services PMI Eases To 52.7 In January

China Services PMI Eases To 52.7 In January - Caixin

02/04/2024 - 20:51:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in January, albeit at a slightly slower pace, the latest survey from Caixin revealed on Monday with a services PMI score of 52.7.

That's down from 52.9 in December, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Chinese service providers registered a further increase in overall new business at the start of 2024, thereby stretching the current period of expansion to just over a year. According to panel members, firmer underlying demand conditions and new customer wins had supported the latest upturn in sales. However, the rate of growth eased notably from December's seven-month record and was only modest. New export business likewise rose at a moderate pace, with the rate of growth easing only fractionally from the previous month.

Chinese service sector employment rose for the second straight month in January, with firms often linking the increase to efforts to expand capacity amid higher sales. That said, the rate of job creation remained marginal overall, as some firms took a more cautious approach to hiring.

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