China’s services economy is expanding at the second-fastest rate since the Caixin Purchasing Managers Index for services began in 2016.
The April reading of 54.5 is just below the January 2018 peak of 54.7, and higher than the consensus estimate of 54.2. The composite Caixin PMI including manufacturing as well as services stood at 52.7. A reading above 50 indicates economic expansion.
The data comes as a closely-watched gauge of US service sector activity fell to its lowest level in two years. Despite mixed economic data, US President Donald Trump claimed on Sunday that his trade policy – which economists widely agree has weighed on trade and business investment – is “partially responsible for our great economic results.”