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Financial News: China Services PMI Fades In February - Caixin

China Services PMI Fades In February - Caixin

03/04/2024 - 20:48:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in February, albeit at a slower pace, the latest survey from Caixin revealed on Tuesday with a services PMI score of 52.5.

That's down from 52.7 in January, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The slower rise in business activity coincided with a further mild upturn in overall new work placed with Chinese service providers during February. New order growth was little changed from January and remained slower than the average seen over 2023 as a whole. In contrast, services companies registered a solid and accelerated increase in new work from overseas.

Notably, the improvement in foreign demand was the most pronounced since June 2023 amid reports of firmer customer demand across external markets. After rising marginally in the prior two months, payroll numbers across China's service sector fell in February. Though modest, the rate of job shedding was the quickest seen in over a year, with a number of monitored companies lowering their headcounts due to relatively subdued demand conditions.

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