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- China's service sector growth accelerates in March
China's service sector growth accelerates in March
RTTNews reports that survey results from IHS Markit showed that China's service sector growth accelerated in March driven by steeper increases in activity and overseas sales.
The Caixin PMI rose to 54.3 in March from 51.5 in February. The pace of expansion was the fastest in last three months. The score has remained above the neutral 50.0 level for eleventh consecutive month.
The survey showed that new orders increased at the fastest pace in three months despite a slight fall in export business.
Rising intakes of new work led to renewed pressure on operating capacities. As part of efforts to expand capacity and process orders, employment at service providers increased in March. Average operating expenses rose for the ninth straight month in March. Nonetheless, the rate of inflation was the softest recorded since last September. In order to alleviate pressure on margins, prices charged by services companies increased again.
Underpinned by sharper rise in services activity, the composite output index picked up to 53.1 in March from 51.7 in February.
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