China's Caixin services PMI for February came at 54.2 vs 54.3 exp and 54.7 last, which indicated softer increases in activity across both the manufacturing and service sectors last month.
Meanwhile, the Composite Output Index fell only slightly from a seven-year record of 53.7 at the start of the year,” the report noted.
Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group
“The Caixin China General Services Business Activity Index came in at 54.2 for February, dipping 0.5 points from the previous month's high. A drop in the new business index was most obvious, reflecting a cooling of strong demand for the services industry. Under those conditions, the input prices index declined from the previous month's high, but the index for prices charged unexpectedly moved up, indicating the profitability of services business was moving in a positive Continued… direction. Along with this, the future output expectations index (reflecting services’ expectations for the next 12 months) saw an increase.”
“The Caixin integrated output index came in at 53.3 for February, down from the previous month's high, as manufacturing output and services business activity indices declined from the previous month. But manufacturing demand still remained stable, service industry prices rose towards convergence, and the stable condition of the macroeconomy didn't waver.”
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