The Caixin China General Services PMI fell to 51.8 in January 2020 from 52.5 in the previous month, missing market consensus of 52.6. This was the weakest increase in the service sector output since October, as new orders grew the least in three months amid softening domestic demand, while employment broadly stagnated after expanding in each of the prior 15 months. Meantime, new export business accelerated on the back of improving Sino-US relations following a preliminary trade deal between the two countries. On the price front, input price inflation hit a 10-month low, while selling prices fell as some firms reduced their prices to help boost new order intakes. Lastly, sentiment strengthened to a 16-month high, boosted by planned company expansions, entry in to new markets, new product releases and signs of improving demand in the property sector.

Services PMI in China averaged 52.41 points from 2012 until 2020, reaching an all time high of 54.70 points in May of 2012 and a record low of 50 points in July of 2014. 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. source: Markit Economics

Services PMI in China is expected to be 48.00 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 52.00 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.


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China Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
51.80 52.50 54.70 50.00 2012 - 2020 points Monthly


News Stream
China Services Growth Slows to 3-Month Low: Caixin
The Caixin China General Services PMI fell to 51.8 in January 2020 from 52.5 in the previous month, missing market consensus of 52.6. This was the weakest increase in the service sector output since October, as new orders grew the least in three months amid softening domestic demand, while employment broadly stagnated after expanding in each of the prior 15 months. Meantime, new export business accelerated on the back of improving Sino-US relations following a preliminary trade deal between the two countries. On the price front, input price inflation hit a 10-month low, while selling prices fell as some firms reduced their prices to help boost new order intakes. Lastly, sentiment strengthened to a 16-month high, boosted by planned company expansions, entry in to new markets, new product releases and signs of improving demand in the property sector.
2020-02-05
China Services Growth Slows in December: Caixin
The Caixin China General Services PMI fell to 52.5 in December 2019 from a seven-month high of 53.5 in the previous month. New business increased the most since September despite a slowdown in export order growth, while the rate of job creation was only marginal, with a number of companies adopting relatively cautious approaches to hiring amid efforts to contain costs and boost efficiency. Service providers recorded higher backlogs of work at the end of 2019, recovering from November's fall, as greater volumes of new work imparted pressure on capacities. On the price front, input cost inflation eased to a nine-month low, while output charges fell for the first time since September 2018. Finally, business sentiment edged down to the second-lowest on record, amid concerns over ongoing trade tensions, relatively subdued economic growth and staff shortages.
2020-01-06
China Services Activity Growth at 7-Month High
The Caixin China General Services PMI rose to a seven-month high of 53.5 in November 2019 from 51.1 in the previous month and beating market estimates of 52.7. New orders increased, as export orders accelerated to a four-month high. Meanwhile, the job creation rate dropped to a four-month low, with backlogs falling for the first time since August, albeit only slight. On the price front, input cost inflation slowed for the second consecutive month; and prices charged by service providers rose modestly, with the rate of increase little-changed from the prior three months. Looking ahead, sentiment improved, but was still notably weaker than the historical trend.
2019-12-04
China Services Growth Slows to 8-Month Low
The Caixin China General Services PMI unexpectedly fell to 51.1 in October 2019 from 51.3 in the previous month and missing market expectations of 52.8. This was the weakest pace of growth in the service sector since February, as new orders rose the least in eight months and employment growth was at three-month low, with overseas sales expanding modestly. Meantime, outstanding business went up at the fastest rate since February 2017, implying a mismatch between labor supply and demand. In terms of prices, input cost inflation slowed, while output charge increased marginally. Looking ahead, confidence softened to its lowest since July last year.
2019-11-05

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.