{"id":111311,"date":"2021-04-06T04:51:40","date_gmt":"2021-04-06T04:51:40","guid":{"rendered":"https:\/\/fin2me.com\/?p=111311"},"modified":"2021-04-06T04:51:40","modified_gmt":"2021-04-06T04:51:40","slug":"chinas-services-sector-recovery-picks-up-in-march-as-hiring-grows-private-survey-finds","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/chinas-services-sector-recovery-picks-up-in-march-as-hiring-grows-private-survey-finds\/","title":{"rendered":"China&#x27;s services sector recovery picks up in March as hiring grows, private survey finds"},"content":{"rendered":"<ul>\n<li>A recovery in China&#x27;s services sector picked up speed in March as firms hired more workers and business optimism surged, although inflationary pressures remained, a private sector survey showed on Tuesday.<\/li>\n<li>The Caixin\/Markit services Purchasing Managers&#x27; Index rose to 54.3, the highest since December, from 51.5 in February, well above the 50-mark that separates growth from contraction on a monthly basis.<\/li>\n<li>Firms reported the sharpest increases in activity and overall sales in three months. New export business continued to contract but at a slower pace.<\/li>\n<\/ul>\n<p>A recovery in China&#x27;s services sector picked up speed in March as firms hired more workers and business optimism surged, although inflationary pressures remained, a private sector survey showed on Tuesday.<\/p>\n<p>The Caixin\/Markit services Purchasing Managers&#x27; Index (PMI) rose to 54.3, the highest since December, from 51.5 in February, well above the 50-mark that separates growth from contraction on a monthly basis.<\/p>\n<p>Firms reported the sharpest increases in activity and overall sales in three months. New export business continued to contract but at a slower pace.<\/p>\n<p>A sub-index for employment rose back into positive territory as businesses hired more workers than they laid off, the survey showed.<\/p>\n<p>The findings were largely in line with an official survey released last week.<\/p>\n<p>Chinese authorities successfully curbed domestic transmissions of Covid-19 virus over the winter, leading to quarantine restrictions and testing requirements being scaled back.<\/p>\n<p>&quot;The Covid-19 flare-ups that occurred in the fall and the winter have basically died down, and the services sector has quickly recovered with supply and demand expanding,&quot; said Wang Zhe, senior economist at Caixin Insight Group, in a statement accompanying the data release.<\/p>\n<p>But rising input costs and output prices shown by surveys of both the services and manufacturing sectors are not conducive to a sustained post-epidemic recovery, he said.<\/p>\n<p>Costs for services firms continued to grow, according to the survey, although at a slower pace than the month before. Companies raised their prices charged for the eighth month in a row and by the largest amount so far this year.<\/p>\n<p>Chinese services firms were highly optimistic about the year ahead, with business expectations rising to the highest level since 2011.<\/p>\n<p>The services sector, more vulnerable to social distancing restrictions, had been slower to recover initially from the pandemic than the industrial sector.<\/p>\n<p>Domestic Covid-19 cases have largely been controlled in China although a city on the border with Myanmar last week ordered home quarantines and mass testing after new cases emerged.<\/p>\n<p>Analysts expect a strong rebound in China&#x27;s full-year growth.<\/p>\n<p>Caixin&#x27;s composite manufacturing and services PMI, also released on Tuesday, rose to 53.1 in March, from 51.7 the previous month.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/06\/chinas-services-sector-recovery-accelerates-in-march.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recovery in China&#x27;s services sector picked up speed in March as firms hired more workers and business optimism surged, although inflationary pressures remained, a [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":111310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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