China's Caixin services PMI rises to 52.9 in April, misses estimates

China's Caixin services PMI for April came in at 52.9 vs 53.4 exp and 52.3 last, which showed that the business activity growth improved slightly last month.

Meanwhile, the Composite Output Index was up only slightly from a four-month low of 51.8 in March,” the report noted. 

Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group

“The Caixin China General Services Business Activity Index stood at 52.9 in April, up from 52.3 in March. The new business and employment indices both rose, indicating strengthening demand across the service sector after easing for two consecutive months. However, input prices increased at a slower pace, leading to a softer rise in prices charged. The index of business expectations, a gauge of service providers’ confidence towards the 12-month outlook for activity, improved slightly, reflecting companies’ optimism about their business prospects.”