China March Caixin/Markit PMIs Services 43.0 and Composite 46.7

China Caixin/Markit PMIs Services and Composite PMIs for March - this is the privately surveyed data, which tends more towards smaller enterprises than the huge (SOEs and such) in the official data

• Services jump to 43.0 vs. expected 29.0, prior 26.5

• Composite to 46.7 prior 27.5

Earlier in the week we saw similar jumps in the official PMIs.

Dr. Zhengsheng Zhong, Chairman and Chief Economist at CEBM Group:

• rebounded from a record low for the previous month
• gauges for total new business and new export business placed with service providers rebounded from the previous month's record lows to their second-lowest since the survey began
• Mounting cost and profit pressures were important reasons for increasing layoffs.
• Business confidence remained low.
• some of the missed consumption during the outbreak - such as spending on household services and education, as well as catering and entertainment - cannot be recouped.