Stronger services growth leads to the greatest expansion of overall activity in 11 months
(From Caixin Online)
By staff reporter Wang Yuqian
Overall business activity gained steam in March on stronger growth of services sector and a rebound in manufacturing output, new data for the Caixin China Composite Purchasing Managers’ Index show.
The Caixin China Composite PMI, which covers both the services and manufacturing sectors, was above the neutral 50.0 mark at 51.3, higher than February’s 49.4 – the strongest expansion of overall business activity in 11 months.
The services PMI for March was 52.2 points, up from 51.2 in February.
New orders rose modestly at service providers in March at about the same rate as in the previous month.
However, services firms reduced the number of workers they hired in March, the first shrinkage in employment seen in the sector since August 2013. Adding to the cut manufacturers made, overall employment conditions deteriorated in March at the fastest rate since January 2009. Read more