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China’s services activity expands as consumers return, firms benefit from increased demand and output
- Caixin/S&P Global services purchasing managers’ index (PMI) fell to 56.4 in April from 57.8 in March
- On Sunday, China’s official non-manufacturing gauge, which measures business sentiment in the services and construction sectors, fell to 56.4 in April from 58.2 in March
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China’s service activity grew for a fourth straight month in April, a private-sector survey showed on Friday, as businesses continued to benefit from a return toward pre-pandemic levels of demand and output, although expansion slowed slightly.
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The Caixin/S&P Global services purchasing managers’ index (PMI) fell to 56.4 in April from 57.8 the month prior, above the 50-point mark that separates expansion and contraction in activity on a monthly basis.
The figure echoed the official PMI released on Sunday, which showed a slightly slower pace of growth.
China’s economy grew at a faster-than-expected pace in the first quarter, as businesses and consumers shook off the chill of strict Covid-19 curbs that were lifted in December.
It remains to be seen if the economic rebound is sustainable after a short-term release of pent-up demand, with a number of indicators flagging that the recovery has yet to find a stable footing
The world’s second-largest economy is facing an uneven recovery and some persistent headwinds, with strong activity in services and a contraction in manufacturing.
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China’s tourism rebounded to pre-Covid levels in the five-day May Day holiday as domestic travel rose by more than two-thirds from a year earlier, government data showed.
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