The Caixin China General Services PMI unexpectedly rose to 54.1 in July 2023 from June’s five-month low of 53.9, exceeding forecasts of 52.5. The reading pointed to the seventh straight month of expansion in services activity amid an accelerated rise in new orders and a further rise in job creation in the summer travel season. New orders growth accelerated, despite foreign demand expanding at a marginal pace that was the slowest for six months amid a sluggish global economic environment. Meanwhile, employment climbed for the sixth consecutive month and the fastest pace in four months, with backlogs of work staying in expansionary territory for the 12th consecutive month. On the price front, input cost inflation eased to a five-month low while cost inflation slowed from the previous month, as the market competition was still tight. Finally, business sentiment weakened to an eight-month low amid concerns about the sustainability of global economic growth. source: Markit Economics

Services PMI in China averaged 52.12 points from 2012 until 2023, 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 August of 2023.

Services PMI in China is expected to be 52.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Services PMI is projected to trend around 52.00 points in 2024, according to our econometric models.

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China Services PMI



Related Last Previous Unit Reference
Manufacturing PMI 49.20 50.50 points Jul 2023
Services PMI 54.10 53.90 points Jul 2023
Composite PMI 51.90 52.50 points Jul 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
54.10 53.90 58.40 26.50 2012 - 2023 points Monthly

News Stream
China Services Growth Unexpectedly Strengthens
The Caixin China General Services PMI unexpectedly rose to 54.1 in July 2023 from June’s five-month low of 53.9, exceeding forecasts of 52.5. The reading pointed to the seventh straight month of expansion in services activity amid an accelerated rise in new orders and a further rise in job creation in the summer travel season. New orders growth accelerated, despite foreign demand expanding at a marginal pace that was the slowest for six months amid a sluggish global economic environment. Meanwhile, employment climbed for the sixth consecutive month and the fastest pace in four months, with backlogs of work staying in expansionary territory for the 12th consecutive month. On the price front, input cost inflation eased to a five-month low while cost inflation slowed from the previous month, as the market competition was still tight. Finally, business sentiment weakened to an eight-month low amid concerns about the sustainability of global economic growth.
2023-08-03
China Services PMI Drops to 5-Month Low
The Caixin China General Services PMI fell to 53.9 in June 2023 from 57.1 in the previous month. The reading pointed to the sixth straight month of expansion in services activity but the softest pace since January amid moderated demand. New orders growth eased to a six-month low and new export business also moderated although it continued to benefit from a revival in tourism and travel since the easing of pandemic restrictions. Meanwhile, employment climbed for the fifth consecutive month, with the speed of job creation being the strongest in three months. On the price front, input prices rose solidly due to elevated staffing costs and higher prices for raw materials while output cost increased only slightly amid strong competition. Finally, business sentiment improved for the first time in five months amid hopes of stronger economic conditions and greater amounts of new work to support growth.
2023-07-05
China Service Sector Growth Accelerates
The Caixin China General Services PMI increased to 57.1 in May 2023 from 56.4 in the previous month. The reading pointed to the fifth straight month of expansion in services activity and the second-fastest since November 2020 as the post-COVID recovery continued. New orders grew faster with sustained a rise in new export business amid reports of stronger demand while employment climbed for the fourth consecutive month, although the speed of job creation eased. On prices, input cost inflation slowed from April's one-year high but remained solid overall due to elevated staffing costs and higher prices for raw materials. Meanwhile, output cost inflation accelerated to the fastest since February 2022 and above the series average as firms sought to hike their fees again. Lastly, business sentiment remained upbeat, but the level of optimism weakened to a five-month low.
2023-06-05