The Caixin China General Services PMI increased to 41.4 in May 2022 from April's 26-month low of 36.2, the third straight month of contraction amid further COVID-19 lockdown measures. The latest reading also pointed to the second-sharpest drop in the sector since February 2020, with new orders declining at a softer. Also, employment fell modestly, with the rate of job shedding was the fastest in 15 months; while the level of outstanding business rose further though the rate of backlog accumulation was the steepest since February 2020. On inflation, input cost inflation eased to a nine-month low, while output costs climbed, after declining in the prior month, due to companies passed on some of these additional costs through to clients. Finally, confidence strengthened to a three-month high, due to hopes of a strong recovery once the pandemic is brought under control and market conditions normalise. However, overall optimism remained below the long-run series average. source: Markit Economics

Services PMI in China averaged 52 points from 2012 until 2022, reaching an all time high of 58.40 points in June of 2020 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 June of 2022.

Services PMI in China is expected to be 46.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Services PMI is projected to trend around 50.50 points in 2023 and 52.00 points in 2024, according to our econometric models.

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China Services PMI



Related Last Previous Unit Reference
Services PMI 41.40 36.20 points May 2022
Manufacturing PMI 48.10 46.00 points May 2022
Composite PMI 42.20 37.20 points May 2022

China Services PMI
The Caixin China General Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
41.40 36.20 58.40 26.50 2012 - 2022 points Monthly

News Stream
China Services Shrink at Softer Pace
The Caixin China General Services PMI increased to 41.4 in May 2022 from April's 26-month low of 36.2, while signaling a third successive monthly fall in the sector. The latest reading, however, was the second-sharpest seen since February 2020, during the initial phase of the pandemic. New orders fell for the fourth month in a row, with the rate of drop easing from April's 26-month record but stayed sharp. Meanwhile, foreign orders dropped less, but still marked. At the same time, employment shrank the most in 15 months, with the rate of backlog accumulation being the steepest seen since February 2020. On inflation, input cost inflation slowed to a nine-month low, while output costs climbed after declining in the prior month, reflecting greater prices for labor, raw materials, food, energy and transport. Finally, confidence strengthened to a 3-month high, due to hopes of a strong recovery once the pandemic is brought under control and market conditions normalize.
2022-06-06
China Services Shrink the Most in 26 Months
The Caixin China General Services PMI sank to 36.3 in April 2022 from 42.0 in March, the second straight month of contraction amid tighter COVID-19 containment measures. The latest print also pointed to the sharpest fall in the sector since the onset of the pandemic in February 2020, with new orders shrinking at the 2nd-sharpest rates since the survey began in November 2005 and export sales fell the most in 2 years. Also, employment shrank for the 4th month running, despite the reading showing only a marginal drop; while the level of outstanding business rose further though the rate of accumulation was slower than that in March. On inflation, input costs rose due to greater costs for raw materials, fuel, and spending on pandemic-protection measures. Meanwhile, output costs fell for the first time in 8 months, amid efforts by some firms to attract new clients by lowering fees. Finally, confidence improved slightly, on optimism that outbreaks would be brought under control.
2022-05-05
China Services Shrink the Most in 25 Months: Caixin
The Caixin China General Services PMI plunged to 42.0 in March 2022 from 50.2 in February, the first contraction in seven months amid the new wave of COVID-19 outbreaks and mobility restrictions. It was the sharpest fall in the activity of the service since February 2020, as new orders shrank the most in two years and export sales fell at the steepest rate since October 2020. Also, employment dropped for the third month running while outstanding business accelerated the most in three months. On the price side, input cost inflation accelerated with the reading quicker than the series average, due to greater costs for raw materials, energy, food, transport and spending on pandemic-protection measures. Meanwhile, output cost inflation hit a seven-month low, on efforts to attract new business. Finally, confidence was at a 19-month low, on concerns over how long business operations would be impacted by the pandemic and the war in Ukraine.
2022-04-06