13:18, 04-Apr-2018
Service Sector Cools: Caixin PMI dips to 52.3 in March
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Turning to China's service sector. The Caixin-Markit services purchasing managers' index fell to 52.3 in March, the weakest since last November.
The drop came as new business and employment grew at a slower pace. A data breakdown shows that new businesses eased to a five-month low in March due to greater market competition and a drop in customer numbers. Meanwhile, new hires increased at the slowest pace in 19 months. Sentiment towards the 12-month outlook for business activity eased to a six-month low as a result of weakening demand.
Concerns over exchange-rate fluctuations and subdued growth in tourism also weighed on overall confidence at the end of the first quarter. The lacklustre survey results were in line with a separate survey by Caixin on Monday that showed activity in the manufacturing sector expanding at the slowest pace in four months.