China's Caixin services PMI rises to 54.5 in April, a positive surprise
|China's Caixin services PMI for April came in at 54.5 vs. 52.8 expected and 54.4 last, which showed that the Chinese business activity continued to rise strongly during April
Meanwhile, the Composite Output Index eased to 52.7 in April from March’s reading of 52.9 – nine-month highs.
Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:
“The Caixin China General Services Business Activity Index inched up to 54.5 in April from the previous month’s recent high of 54.4. Among the gauges included in the survey:
1) The gauge for new business dipped marginally from the past month’s recent high, reflecting continued strong demand across the services sector. 2) The measure for employment rose to its highest since June, suggesting an acceleration in jobs growth. 3) Gauges for input costs and prices charged by services providers rebounded. Faster growth in input costs was negative for companies to improve profits. 4) The measure for business expectations fell despite staying in positive territory, reflecting services providers’ weakening confidence in their future prospects.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.