The Caixin China General Services PMI surged to 54.5 in June 2022 from 41.4 in May, pointing to the first expansion in the sector in four months, amid improving the domestic COVID-19 situation and loosening lockdown measures. The latest reading also pointed to the sharpest increase in the sector since July 2021, with new orders returning to growth and softer decline in overseas demand. At the same time, employment fell to the softest pace in three months; while the level of outstanding business expanded at only a marginal rate with the rate of backlog accumulation increasing only slightly. On inflation, input cost inflation eased to a 25-month low, while output costs increased at a slower pace, as efforts to boost competitiveness and attract sales restricted overall pricing power. Finally, confidence was little-changed from May and remained below the series average. source: Markit Economics

Services PMI in China averaged 52.02 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 July of 2022.

Services PMI in China is expected to be 52.00 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 54.50 41.40 points Jun 2022
Manufacturing PMI 51.70 48.10 points Jun 2022
Composite PMI 55.30 42.20 points Jun 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
54.50 41.40 58.40 26.50 2012 - 2022 points Monthly

News Stream
China Services Growth at 11-Month High: Caixin
The Caixin China General Services PMI surged to 54.5 in June 2022 from 41.4 in May, pointing to the first expansion in the sector in four months, amid improving the domestic COVID-19 situation and loosening lockdown measures. The latest reading also pointed to the sharpest increase in the sector since July 2021, with new orders returning to growth and softer decline in overseas demand. At the same time, employment fell to the softest pace in three months; while the level of outstanding business expanded at only a marginal rate with the rate of backlog accumulation increasing only slightly. On inflation, input cost inflation eased to a 25-month low, while output costs increased at a slower pace, as efforts to boost competitiveness and attract sales restricted overall pricing power. Finally, confidence was little-changed from May and remained below the series average.
2022-07-05
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