China Caixin/S&P Global Services PMI for March 2024 comes in at 52.7
- expected 52.7, prior 52.5
Composite 52.7
- prior 52.5
Earlier re Chinese PMIs for March. Over the weekend we had the first lot of PMIs from China, with some better news:
- China March 2024 Official Manufacturing PMI 50.8 (expected 50.1) Services 53.0 (exp 51.5)
- ICYMI - China's March 2024 manufacturing PMI jumped to its highest in a year
And then on Monday the Caixin manufacturing PMI:
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China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.
- The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.
- Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
- Despite these differences, the two surveys often provide similar readings on China's manufacturing sector.
