China Caixin / S&P Global Services PMI for January, comes in at 52.9, its first expansion in five months
- expected 51.6, prior 48.0
Composite 51.1
- prior 48.3
From the commentary accompanying the data, in summary
- Both services supply and demand moved into expansion.
- The gauges for business activity and total new business both came in above 50, marking an end to a four-month contraction.
- Lifted travel restrictions also boosted services exports, with the reading for new export orders climbing into expansionary territory.
- The number of people employed in the services sector declined. Surging Covid infections impacted the number of people at work, and businesses also cut jobs to reduce costs. In January, the measure for employment came in below 50 for the third straight month, but the contraction was much milder.
- Prices remained stable for the sector.
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