China Services Sector Ebbs In April – Caixin
The services sector in China continued to expand in April, although at a slower pace, the latest survey from Caixin revealed on Monday with a services PMI score of 52.5.
That’s down from 52.7 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
In line with overall new business, foreign demand for China services also rose in April. New export business increased at the fastest pace in ten months. Anecdotal evidence signaled that better external market conditions and rising tourism activity had supported the latest uptick in new business from abroad.
Meanwhile, work outstanding was little changed in April and this lack of capacity pressure led to Chinese service providers cutting their employment levels for a third straight month in April. Panelists reported that job shedding reflected a mixture of resignations and redundancies.
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