The Caixin China General Services PMI jumped to 58.4 in June 2020 from 55.0 in the previous month, pointing to the strongest growth in services activity since April 2010, widely attributed to the recent easing of virus-related restrictions and stronger demand conditions. New orders grew the most in nearly a decade as companies reported that greater customer numbers were resuming more normal business operations. In addition, export sales rose for the first time since January, amid improving global demand. Meantime, employment fell further generally linked to voluntary leaver and outstanding workloads went up for the first time in four months. On the price front, input cost dropped slightly, mainly due to lower staff-related costs while prices charged were broadly unchanged ending a six-month period of decline. According to respondents, competition for new work continued to limit overall pricing power. Looking ahead, business sentiment hit a three-year high.
Services PMI in China averaged 52.07 points from 2012 until 2020, 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 2020. source: Markit Economics
Services PMI in China is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in China to stand at 50.00 in 12 months time. In the long-term, the China Services PMI is projected to trend around 52.20 points in 2021 and 51.50 points in 2022, according to our econometric models.