The Caixin China General Services PMI rose to 43.0 in March 2020 from a record low of 26.5 in the previous month. This was the second-lowest reading since the survey began in 2005, amid concerns over the longevity and severity of the COVID-19 pandemic. New orders fell at a softer pace despite the substantial decline in export sales, while employment fell for the second straight month and at a steeper rate and the rate of backlog depletion was the quickest seen since September 2015. On the price front, average input costs rose after falling substantially, driven by increased overtime payments and investment into anti-virus equipment for staff. Meanwhile, selling prices dropped again and at the steepest rate since April 2009, as part of efforts to increase sales. Looking ahead, confidence picked up slightly from February's record low but remained historically weak.
Services PMI in China averaged 52.06 points from 2012 until 2020, reaching an all time high of 54.70 points in May of 2012 and a record low of 26.50 points in February of 2020. This page provides the latest reported value for - China Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. China Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on April of 2020. source: Markit Economics
Services PMI in China is expected to be 45.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in China to stand at 53.00 in 12 months time. In the long-term, the China Services PMI is projected to trend around 52.20 points in 2021 and 51.50 points in 2022, according to our econometric models.