Caixin Services PMI
Event Date: Tuesday, September 5, 2023
Event Time: 01:45 CET
Updated Sunday, September 3, 2023
The January 2020 report posted the biggest decline in Chinese services as coronavirus it the Wuhan province, taking this indicator to a record low at 26.5 points, which means deep recession. But, as China got out of the wormhole with coronavirus vanishing in the country, services improved in March and April, while in May it jumped to 55 points, which is better than the pre-covid level. In June we saw another jump to 58.4 points, but the last two months have been steady at around 54 points where they are expected to remain this month too. They came at 55.1 points in May but cooled off. Since then it has slowed and in June it fell to 54.1 points. In August this indicator is expected to fall further to 53.6 points. Please follow us for live coverage of this event by experienced market analysts.
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About Caixin Services PMI
Level of a diffusion index based on surveyed purchasing managers in the services industry. Released monthly, on the third business day after the month ends. It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.