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MNI BRIEF: Caixin China March Services PMI Plunges To 2-Yr Low

MNI (Singapore)
BEIJING (MNI)

Caixin China's services PMI for March dropped sharply into contraction to 42.0, hitting the lowest since March 2020 with the steepest rate of reduction seen since the initial onset of the pandemic, financial publisher Caixin said on Wednesday.

The 8.2-point drop came as the service industry faces a wider outbreak of Covid-19 cases and the tighter anti-pandemic measures. The business activity sub-index fell into the contractionary zone below 50 for the first time in nearly seven months, and the contracting new order sub-index hit the lowest since April 2020.

Caixin's manufacturing PMI tracking small and medium-sized manufacturers released last Friday also dropped into contraction at a two-year low of 48.1.

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