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.