China Caixin Services PMI for March 52.5 (expected 52.5, prior 52.7)

Services PMI in line with expectations at 52.5, in expansion for the 16th consecutive month and another sign of economic recovery in China.

The composite is 52.8

• prior 52.7

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The services and composite PMIs from Caixin wrap up the April PMIs from China.

Earlier:

• China April 2024 Official Manufacturing PMI 50.4 (expected 50.3) Services 51.2 (exp 52.2)

• China April Caixin manufacturing PMI 51.4 (expected 51.0)

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China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
• Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

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This article was written by Eamonn Sheridan at www.forexlive.com.