A private indicator reflecting China's perceived economy showed an expansion phase for 15 consecutive months.
On the 3rd, Chinese economic media Caixin reported that the March Services Purchasing Managers' Index (PMI), surveyed together with Standard & Poor's (S&P), recorded 52.7. This figure rose by 0.2 points compared to the previous month (52.5), matching experts' expectations.
The PMI statistics related to the service industry indicate an economic expansion phase if above 50, and a contraction phase if below 50. The Caixin Services PMI has maintained an expansion phase for 15 consecutive months, recovering from a low of 48.0 in December 2022.
The March Caixin Manufacturing PMI, announced on the 1st, rose by 0.2 points from the previous month to 51.1, reaching the highest level in 13 months. With this announcement, the March Caixin Composite PMI was recorded at 52.7, up 0.2 points from the previous month.
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