Jul 03, 2024 09:45 AM
China Services Activity Decelerates, Caixin PMI Shows
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China’s services activity grew at the slowest pace in eight months in June as the job market shrank and business optimism weakened, according to a Caixin-sponsored survey published Wednesday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, fell 2.8 points from May to 51.2 last month. A reading above 50 indicates an expansion in activity, while a number below signals a contraction.
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- China's services activity index in June fell to 51.2, the slowest pace in eight months, with business optimism weakened and job market contracted.
- The Caixin survey noted the slowest pace of new orders in four months and the first contraction in labor market for the fourth time this year.
- Service providers faced reduced price pressures despite the inflation in input costs, and overall optimism for future activity hit its lowest since March 2020.
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What Happened When
- March 2020：
- The future activity expectations gauge recorded its lowest reading since this date.
- January 2024：
- The gauge for backlogs of work entered expansionary territory for the first time since this date.
- First quarter of 2024：
- The services sector accounted for 59% of China’s GDP.
- May 2024：
- The Caixin China General Services Business Activity Index was at 54.0.
- June 2024：
- China's services activity grew at the slowest pace in eight months as the job market shrank and business optimism weakened.
- June 2024：
- The Caixin China General Services Business Activity Index fell to 51.2 from 54.0 in May 2024.
- June 2024：
- The Caixin China General Composite PMI was 52.8, down 1.3 points from the previous month.
- June 2024：
- The gauge for future 12-month output expectations fell to a five-year low.
- Sunday, June 2024：
- The National Bureau of Statistics released the official services PMI, which dipped 0.3 points to 50.2.
AI generated, for reference only
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