China 's Caixin March Services PMI: A big miss on expectations

China 's Caixin March Services PMI came in at 52.2 vs 52.6 last, while its composite was 52.1 vs 52.6 last.

Summary – Services and Composite PMI data

The Caixin China Composite PMI™ data (which covers both manufacturing and services) pointed to a weaker increase in total Chinese output at the end of the first quarter. At 52.1 in March, the Composite Output Index fell from 52.6 in February to signal the slowest increase in Chinese business activity for six months.

Commenting on the China General Services PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said: “The headline reading of the Caixin China General Services PMI deteriorated to 52.2 in March, the lowest in six months and down 0.4 points from the previous month. The new business sub-index also showed its lowest reading since last September, while both sub-indices for input costs and output prices rose to their highest levels in more than a year. The Caixin China Composite Output Index was 52.1 in March, down 0.5 points from February and the worst reading in half a year. The Chinese economy continued to expand in March, but growth in both manufacturing and services slowed. Weaker increases in new business have clouded the economic outlook, and investors should watch closely for signs of a turning point in the second quarter."