China - Caixin / Markit Services and Composite PMIs
Services 52.2
- prior 51.2
Composite 51.3
- prior 49.4
Key points from the report:
- Slightly stronger expansion of services activity as manufacturing output returns to growth
- Overall employment falls at the fastest rate since January 2009
- Composite selling prices increase for the first time since July 2014
Comment from Dr. He Fan, Chief Economist at Caixin Insight Group (bolding mine):
- "The headline Caixin China General Services PMI for March came in at 52.2, up 1.0 point from February's figure, but the employment category fell below the neutral 50-point level for the first time since August 2013.
- The Caixin Composite Output Index for March rebounded over the 50-point mark, at 51.3, as economic conditions continued to fluctuate.
- Overall, the services sector developed well, but the economy is riding choppy waves, indicating the lack of a solid foundation for a recovery.
- The government needs to push forward with "supplyside reform" to encourage the development of emerging industries."