Igor Kutyaev
The Caixin China General Service PMI moderated for the 2nd straight month to 52.5 in February 2024 from 52.7 in January.
The reading marked 14th straight month of expansion in services activity but the softest pace since last November, with the sharpest contraction in employment since December 2022, according to a Caixin-sponsored survey released Tuesday.
New order growth was little changed and remained slower than the average seen in 2023.
Meantime, outstanding business dropped for the 1st time since July 2022. On the cost side, input prices rose due to higher raw material and fuel costs.
The Caixin China General Composite PMI stood at 52.5 in February 2024, the same as in the prior month, marking the fourth straight month of growth in private sector activity, with new orders accelerating fractionally amid the second straight month of expansion in overseas sales.
"At the start of 2024, policymakers doubled down on measures aimed at stabilizing growth and strengthening market confidence," said Dr. Wang Zhe, senior economist at Caixin Insight Group.
"Looking ahead, the focus should be on the effectiveness of the measures," he added.
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